Xu Zhengyu: The goal is to submit the next phase of the amendment bill for "full freedom of choice" for MPF in the first half of next year

The Secretary for Financial Services and the Treasury, Xu Zhengyu, stated at a Legislative Council meeting that reforms to the Mandatory Provident Fund (MPF) system will continue, including arrangements for the transition of MPF schemes to the MPF Easy platform. As for the first phase of the "full portability" of the MPF, the legal foundation revision work was completed last year and is expected to be implemented within this year. Preparations for the second phase have already begun, with the goal of consulting the Financial Affairs Committee in the fourth quarter and submitting the legislative amendment bill in the first half of next year.

The Permanent Secretary for Financial Services (Financial Affairs), Yan Meiwei, mentioned that earlier, someone impersonated a victim using a fake identity card to open an account on the MPF Easy platform, leading to an immediate suspension of the electronic identity verification eKYC registration, which has now been replaced with the "Smart Convenience" registration. She emphasized that great attention is being paid to the security and robustness of the MPF Easy platform.

Some legislators expressed concerns about the complexity of the MPF Easy platform's usage process. Yan Meiwei pointed out that the robustness and user-friendliness of the platform are prioritized, and the contractor has been instructed to resolve the issues with employers as soon as possible. She emphasized that the MPF Easy company, MPF trustees, and contractors have established a tripartite platform that meets regularly to explore ways to optimize the MPF Easy platform