eMPF positivity sparks first major MPF market change in over half a decade

21st April 2025

Bold move sees one MPF provider’s assets jumps 65% in 3 months

Key points are as follows:

Latest market share data shows BCT Financial Ltd’s (BCT) decision to “assume the role of Promoter/Sales Facilitator for Principal’s MPF schemes”¹ effective 1 January 2026 resulted in the most significant shake-up to the MPF landscape in over half a decade, positively created in no small part by the MPFA’s highly publicized eMPF launch.
Based on MPF Ratings’ Q1 2026 MPF market share data, Manulife and HSBC remain MPF’s two largest scheme providers, however, BCT’s 65% jump in Q1 sees the pension focused scheme provider now controlling approximately 11.7% of the MPF market, up from 7% 2025 to supplant Sun Life as MPF’s 3^rd biggest scheme provider; the first change amongst MPF’s top 3 since February 2020. (See Table 1)
The assuming of “Promoter/Sales Facilitator for Principal’s MPF Schemes” means BCT is now a scheme provider notionally responsible for approximately $180.11bn of MPF assets compared to $109.11bn at the end of 2025. (See Table 1)
BCT’s growth MPF ambitions have seen BCT’s scheme provider assets grow at 87% and 66% over the past 3 and 5 calendar years respectively, gaining recognition as MPF’s 3 and 5 year “Fast Mover”, MPF’s fastest growing MPF scheme provider, at the prestigious S&P Dow Jones Indices sponsored 2026 edition of “The MPF Awards”. (See Table 2 and Table 3)
Total MPF assets at the end March are approximately $1.535tr, equivalent to an average MPF account balance of $320,109 per MPF’s 4.79m members.

¹ BCT Corporate Announcement 9th December 2025

MPF Ratings Ltd, MPF’s independent provider of MPF research, view and education today released its Q1 2026 MPF market share data by highlighting what its Chairman, Francis Chung (叢川普), described as “the most significant shake-up to the MPF landscape since the MPFA’s highly publicized launch of eMPF.”

BCT Financial Ltd’s (BCT) decision to “assume the role of Promoter/Sales Facilitator for Principal’s MPF schemes” at the beginning of 2026 has seen BCT’s market share as an MPF scheme provider notionally jump from 7% at the end of 2025 to 11.7% as at 31^st March, a 65% increase, an occasion which Mr Chung sees as a watershed moment for MPF, benefitting all MPF members in the long term, and one which was made possible with the MPFA’s launch of eMPF.

Why is BCT’s move to 3^rd largest MPF scheme provider a watershed moment?

“It’s been 6 years since change amongst MPF’s top 3 scheme providers, and BCT’s exclusive pension focus is a clear point of differentiation in a landscape dominated by banks and insurers. BCT’s decision to assume the role of promoter and sales facilitator for Principal’s MPF schemes is a positive statement of ambition, and for competition that benefits all MPF members and puts all other MPF scheme providers on notice.”

The biggest shake-up to the MPF landscape since the launch of eMPF

“BCT’s bold move is MPF’s biggest landscape shake-up since the MPFA’s highly publicized launch of eMPF. eMPF is creating competitive opportunities that benefit all MPF members. BCT’s move is an example of fostering competition, competition which should deliver lower costs and better MPF products and services.”

Is BCT’s move a one off for the industry or will the system see more competition?

“BCT has been MPF’s fastest growing scheme provider over the past 3 and 5 years, a distinction recognized at the MPF industry’s awards night, the S&P Dow Jones Indices sponsored 2026 edition of “The MPF Awards”. MPF Ratings believes that BCT’s move is not a one off and reinforces their commitment to MPF and the retirement savings needs of Hong Kong workers.”

Table 1: MPF Scheme Provider Market Share Comparison 2025 to Q1 2026 (as at 31st March 2026)