Liu Mai Jia Xuan: The launch of the Jijin Yi platform is in its final stage, and the four major strong accumulation fund trustees will join in batches starting from September.

Chairman of the Hong Kong Mandatory Provident Fund Schemes Authority, Grace Liu, stated that the launch of the MPF e-platform is in its final stages, with the four largest trustees of Trillions of MPF assets set to join the platform soon. She mentioned that since the launch of the e-platform last year, 8 trustees with a total of 15 Trillions of MPF plans have already joined the platform. Over 1 million administrative instructions have been processed through the platform, with more than 60% of instructions being submitted electronically, indicating that a majority of users are adapting to using the central electronic platform. She revealed that 10 Trillions of MPF plans with a total of 110 Trillions of MPF funds have committed to reducing their administrative fees. Once all Trillions of MPF plans join the platform, out of the total 378 funds, the administrative fees of 236 funds will need to be lowered to no more than the current 37 basis points charged by the e-platform, covering 18 Trillions of MPF plans and benefiting over 10 million plan members, which is more than 90% of all plan members. She also mentioned that the current 37 basis points fee level will further decrease to 20 to 25 basis points in the future. The initial estimate was a reduction of 41% to 55% in administrative fees, but the latest estimate now stands at 57% to 65%. For example, if the current fee is 1 Hong Kong dollar, it will be lowered to 0.35 Hong Kong dollars in the future, lower than the initial estimate of 0.45. Furthermore, the four trustees, including Manulife, AIA, Principal, and HSBC, will gradually join the MPF e-platform starting next month. These four trustees collectively manage assets accounting for nearly 75% of Trillions of MPF assets, involving around 7.5 million Trillions of MPF accounts. Therefore, this phase of work must be carefully planned. AIA, Manulife, and Principal's Trillions of MPF plans will be launched in September, October, and November respectively, while HSBC's four plans will begin in December and be completed by early next year.