Latest news with #eMPF
South China Morning Post
3 days ago
- Business
- South China Morning Post
Admin fees for Hong Kong's MPF down by 36% since launch of digital platform
Fees charged by Hong Kong's Mandatory Provident Fund have dropped by 36 per cent since the launch of its centralised digital platform last year, with over 2.7 million members and 70,000 employers to be managed under the new system by August, the scheme's chief has said. Mandatory Provident Fund Authority chairwoman Ayesha Macpherson Lau warned on Sunday that the next phase of migration onto the platform would be 'very challenging', as moving large volumes of data from the city's four largest service providers would be complex. The eMPF was launched on June 26 last year, the most significant reform of the city's 25-year-old compulsory retirement scheme, to provide a centralised platform that would replace the separate systems used by 12 different operators. Lau said administration fees had since declined. 'The fee charged by the eMPF is set at 37 basis points (0.37 per cent) currently, which is 36 per cent lower than the average of 58 basis points (0.58 per cent) charged by trustees before joining the eMPF, and will be further reduced gradually,' she said in a blog post. The eMPF will ultimately allow the 12 service providers, 367,000 employers and 4.75 million members to manage fund assets worth HK$1.326 trillion (US$170.3 billion) on a single platform on their mobile phones or computers. Lau added that the 'straight pass-on' requirement in MPF legislation ensured savings, estimated at a cumulative HK$30 billion to HK$40 billion over a 10-year period, directly benefited members of the scheme.
Business Times
28-04-2025
- Business
- Business Times
iFast plunges 12% after cutting its Hong Kong profit guidance
[SINGAPORE] iFast shares plunged as much as 12 per cent on Monday (Apr 28) morning, after the investment platform operator revised its Hong Kong operations' profit target and reported first-quarter earnings. As at noon, the counter dropped 12.1 per cent or S$0.87 to S$6.32. The Singapore-based company cut its Hong Kong profit before tax target for 2025 to HK$380 million (S$64.3 million) from its previous guidance of HK$500 million, based on its earnings report on Friday (Apr 25). iFast reported a net profit rise of 31.2 per cent year on year to S$19 million for the first quarter ended Mar 31, which was driven by a 24.4 per cent year-on-year increase in revenue to S$106.9 million. This was largely due to a turnaround in its UK bank and continued growth in the group's core wealth management platform business. DBS said on Apr 25, after iFast reported earnings, that its Q1 revenue and net profit were slightly below expectations. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Growth in Hong Kong was weighed down by higher investments in the ePension division, with PBT declining 6.8 per cent year on year despite a 12.8 per cent increase in revenue. The dip in profitability is due to increased investments in the ePension division ahead of onboarding activity,' said DBS. ePension refers to its pension administration services. 'However, both the revenues and profitability of the ePension division are expected to be higher in the second half of 2025 as the overall onboarding of the eMPF platform progresses to a substantially higher level,' the bank added. DBS has a buy call on iFast with a price target of S$10.88.
