On 29 January 2021, the Mandatory Provident Fund Schemes Authority (“MPFA”) announced the appointment of the operator to the electronic MPF (“eMPF”) Platform. The eagerly awaited announcement marks a key moment in the Mandatory Provident Fund (“MPF”) System as policymakers aim to prepare for a digital future by streamlining, standardising, and automating existing administration processes in the MPF System.
The announcement kickstarts a multi-year tech-enabled transformation journey, and with it, all industry players in the MPF ecosystem will be required to revisit how they remain relevant going forward. This will not just be limited to technological changes as there will be far-reaching implications in several areas. The enhancements to the MPF ecosystem will provide industry players an impetus to review their current operating models and prepare accordingly across all aspects of their businesses – from tactical readiness in areas such as operations, system, and data, to strategic focuses on leveraging digital ecosystems, enhancing customer experience and refreshing product offerings.