RealTime IT News

HK Firm Web-Enables Pension Fund's Management

Local Hong Kong company Progressive Technology has produced MPF-Pro Web Easy, a Web-based application enabling provident fund administrators to implement Hong Kong's mandatory provident funds (MPF) scheme and manage the growth in P-funds after the scheme's introduction.

MPF-Pro Web Easy, built using WebSpeed Internet Transaction Processing (ITP) software from Progress Software, gives members instant access to P-Funds information allowing administrators to reduce costs, expand revenues and provide improved services once the MPF Ordinance becomes law.

Tax-free Provident funds will be mandatory for the entire Hong Kong workforce resulting in the opening of perhaps three million new provident fund accounts.

Contributions totaling more than HK$20 billion ($2.6 billion) are anticipated from the territory's 300,000 employers in the first 12 months after the scheme commences, creating significant pressures on the capacity of insurance companies' existing management systems.

"The MPF scheme will bring an unprecedented demand for new pensions and the increased volume of new accounts will place a significant strain on administrators day-to-day activities," said WK Lai project director at Progressive Technology.

"MPF-Pro Web Easy is designed and built in Hong Kong specifically to meet the needs of P-Fund administrators in the territory," Lai added. "For example, the new Web-based connection now allows many more users to manage their P-Fund accounts--not just administrators, but employers and employees alike."

According to Progressive, using MPF-Pro Web Easy employers and employees can access their P-fund accounts at any time of the day or night via an Internet browser to obtain up-to-date asset balances and transaction histories within seconds.

"Progressive's MPF-Pro Web Easy system is a excellent example of a large scale application that can be linked to the Web using Progress' WebSpeed," said Dennis Ng, Progress Software's managing director for North Asia.

"Hong Kong businesses in many industries can enjoy new levels of efficiency--and higher profits--by allowing their clientele to link directly into their database," said Ng, "These self-service style applications extend the use of the Internet and corporate intranets to strengthen the on-line link between customers and companies, resulting in more cost-efficient and enhanced service."