the Legislative Council had previously approved about 3.3 billion yuan as a budget for the development of the “MPF Easy” central electronic platform
The charge ratio of MPF in this respect ranges from 0.4% to 0.8%. It is hoped that the administrative work of MPF trustees will be concentrated through the “MPF Easy” platform, which will significantly reduce administrative costs.
He pointed out that digital applications are very important to promote the benefits of the MPF platform
However, it is difficult to predict the decline of MPF fees based on the unknown digital utilization rate and the results of the tender. However, he believes that the new platform will help small businesses to join the market. Competition is conducive to reducing the level of related charges in the future. He pointed out that the MPFA plans to issue a solicitation proposal for the “MPF Easy” platform in December this year, and intends to award the tender in the second half of next year, hoping to complete the development of the platform in 2022, and the next two to three years Inside, all trustees will be incorporated into the relevant platforms and put into operation in stages.
Support functions such as combating money laundering will be added
Regarding the functions of the “MPF Easy” platform, he said that in the future, support functions such as Know Your Customer and crackdown on money laundering will be added to meet the operation mode and needs of the trustee, and the calculation of the balance of fund units at the member level. Management is another additional major feature. He added that users can compare all MPF schemes on the platform, including product information and related management costs.
The “MPF Easy” platform is constructed by the MPFA. The goal is to simplify the administrative procedures of the existing MPF system. Employers and plan members can handle MPF-related matters through a single platform, reducing the number of registrations The opportunity for administrative errors in this section can help save costs and resources.