Some Hong Kong pensioners migrating to a new electronic system for retirement savings have experienced glitches, raising concerns over the platform’s reliability as it enters a key phase of adding more users.
The eMPF platform, built by a unit of Hong Kong tycoon Richard Li’s PCCW Ltd. and assisted in operations by Singapore-based subcontractor iFast Corp., showed tech issues including log-in difficulty, according to people familiar with the project, who requested not to be named.
Other problems include missing fund information when people moved to the service, according to one of the people. Some users got error messages when signing up via typing and facial recognition, another person said. Some had difficulties placing investment orders, according to a third person.
The bugs are also being discussed on social media platforms, months after legislative council member Tik Chi-yuen highlighted them in public in November last year. The troubles risk becoming more pronounced as companies with significant numbers of users start moving to the platform, which would involve importing large amounts of complicated data.
It’s a pressing matter as the platform enters a critical phase of rollout with the city’s HK$1.3 trillion ($212.59 billion) pension system at stake. Bigger trustees plan to migrate to the service this year, including Manulife Provident Funds Trust Co. and HSBC Provident Fund Trustee (Hong Kong) Ltd.
The eMPF company said it is aware of isolated cases where employers and scheme members had encountered challenges in adapting to the platform, according to a spokesperson with the Mandatory Provident Fund Schemes Authority.
See also: Hong Kong has all but abandoned the dollar peg
These included inconvenience experienced during registration using facial recognition technology and when making voluntary contributions with non-standard arrangements, the spokesperson said in a statement to Bloomberg News. The eMPF company said it has resolved most of these cases promptly and has been following up on feedback.
PCCW Solutions Ltd., the unit involved, said it has been working closely with the eMPF company since its launch in late June last year.
“We are aware of the isolated cases where scheme members and employers experienced challenges in adapting to the eMPF platform,” it said in a statement. “We have swiftly attended to these matters and have implemented proactive measures to address feedback.”
See also: Hong Kong’s 2025 growth outlook cut by AMRO on trade uncertainty
The firm said it will manage and maintain the eMPF platform with “a rigorous and dedicated approach” to ensure the platform’s smooth operation and deploy enhancements. iFast declined to comment.
Streamline push
The eMPF was created as part of Hong Kong’s push to streamline the administration of the pension system. The government sought to make it easier for some 4.7 million users to consolidate multiple accounts and switch between plans, as well as to bring down fees that have been criticised for being too high.
Hong Kong’s pension program, known as the Mandatory Provident Fund, has 24 schemes administered by 12 trustees, which have each adopted different software and data standards.
The city’s Legislative Council approved HK$4.9 billion in the three years through 2021 to fund the development of technology for the eMPF platform.
When the government sought bidders, the winner stood to reap about HK$37 billion in revenue over the next decade based on the pool under management at the time, Bloomberg reported in 2020.
PCCW Solutions and iFast were awarded the contract to build and operate the platform in 2021. eMPF started onboarding smaller trustees after it finished testing the system last year. Legco has said it expects full implementation this year.
So far, seven trustees have joined the platform, including YF Life Trustees Ltd. and Standard Chartered Trustee (Hong Kong) Ltd., according to the eMPF website.
