Manulife brings enhanced experience to MPF members with new robo-advisory service to foster proactive portfolio management
- New digital portal aims to educate and encourage proactive review and management of MPF investments.
- Partnership with regional WealthTech Syfe and rising Hong Kong startup AutoML Capital provides personalized investment insights and advice to meet increasing MPF customer needs
For Immediate Release
May 6, 2024
Hong Kong – Manulife today announced the pilot of its first MPF Robo-Advisor, a brand new portal that aims to provide automated portfolio insights and personalized investment tips to its MPF members. In collaboration with AutoML Capital, an award-winning WealthTech firm established in Cyberport, and Syfe, a leading investment and saving platform in Asia, this new initiative is part of Manulife’s ongoing commitment to strengthen member education and enhance customer experience in MPF investment management through digital innovation.
Manulife’s MPF Robo-Advisor serves as an interactive retirement education platform for members to learn more about portfolio allocation suited to their personal needs and risk profiles. It is a self-serve digital tool that allows Manulife MPF members to access both asset-class level recommendations and fund level advice. Syfe has created proprietary algorithms to recommend the appropriate MPF-fund-based portfolio for each member, with full transparency into the portfolio allocation, such as asset class breakdown and top holdings. AutoML leverages its evolutionary AI engine, the ML Brain, with deep investment insights, to assist members in making investment decisions that may help optimize returns and reduce drawdowns based on AI-driven market forecasts.
Jeanie Ho, Head of Hong Kong and Macau Retirement, Manulife, said: “According to our latest member survey1, 71% of our members indicated they have difficulty in managing their MPF investments, while over half (53%) said they lack sufficient knowledge in portfolio management. Our new robotic advisory portal is designed to address this pain-point and is easily accessible via both desktop and mobile devices. Manulife’s MPF contribution members who are digitally enabled will first be invited to experience this user-friendly portal during the 4-month pilot and more members will be able to enjoy this tool in the coming phases.”
“We are delighted to have garnered the rapport and technological advancement from two innovative WealthTechs in our digital customer leadership journey, and we are confident that this groundbreaking collaboration will elevate our MPF customer experience and contribute positively towards grooming a more proactive and healthier attitude amongst MPF members in their retirement portfolio management,” Jeanie Ho continued.
Kevin Li, General Manager and Head of Syfe Hong Kong, said: “Hong Kong has one of the highest life expectancies in the world, but most people are not saving enough for their retirement. One of the barriers that HongKongers have faced is difficulty in selecting funds when they construct their MPF portfolios. The platform we developed in partnership with Manulife addresses this problem by recommending a single portfolio that may be most suited to each user’s unique situation. Our solution combines our proprietary technology with expertise from leading investment banks and asset managers, and we look forward to promoting broader adoption of this platform to further personalize MPF advisory.”
Rebecca Lim, CEO, AutoML Capital, said: “At AutoML, we are enthusiastic in empowering investors in Hong Kong through digital innovation. With the ML Brain, we exemplify how continuous learning and adaptation by an AI engine can help revolutionize asset allocation strategies. We strongly believe the use of AI could help MPF members make investment decisions easier. By providing tools that demystify the complexities of financial planning, we trust we could demonstrate how technology can enrich investment strategies and foster a more informed, empowered investor community. As a WealthTech born and bred in Cyberport, we believe our effort underscore a significant achievement in Hong Kong's tech development scene, and help highlight the region's capability in producing pioneering solutions not only cater to the local market, but can also leverage to investors around the globe.”
AutoML and Syfe are both registered with the MPFA as a Principal Intermediary and authorized to engage in regulated advice and activities.
Photo Captions:
Jeanie Ho, Head of Hong Kong and Macau Retirement, Manulife, said: “During our digital customer leadership journey, we are delighted to have garnered the rapport and technological advancement from two innovative WealthTechs.” Kevin Li, General Manager and Head of Syfe Hong Kong (left) and Rebecca Lim, CEO, AutoML Capital (right) in the picture.
1 Source: A MPF customer survey commissioned by Manulife from April 17, 2024 to May 2, 2024, investigated 3,888 customers’ needs and expectations.
About Manulife Hong Kong
Manulife Hong Kong has been a trusted name for more than 125 years. Since our operations started in Asia in 1897, we have grown to become one of the top-tier providers of financial services, offering a diverse range of protection and wealth products and services to over 2.5 million customers in Hong Kong and Macau. We are committed to helping make decisions easier and lives better for our customers.
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, and Manulife Provident Funds Trust Company Limited.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.
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About AutoML Capital
AutoML Capital is an award winning WealthTech company founded in 2017 in Cyberport, specializing in AI-driven Asset Management and Investment Services. The company continuously innovates in the WealthTech sector, leveraging its expertise in Artificial Intelligence (AI), Technology and investment strategy. Through its proprietary AI engine, the ML Brain, AutoML exemplifies how continuous learning and adaptation can be harnessed to revolutionize asset allocation. The company has received numerous highly recognized awards and fundings, including the Croucher Foundation Award, Hong Kong Government's Enterprise Support Scheme, Certificate of Merit of the ICT Award 2022, and the Fintech Impetus Award 2022. For more information, visit: www.automlcapital.com.
About Syfe
Syfe is Asia’s leading investment and saving platform, empowering people to build their wealth for a better future. Fully licensed in Singapore, Hong Kong and Australia, Syfe offers managed portfolios, cash management solutions, digital retirement advisory and brokerage, making it the region’s leading all-in-one wealth management platform. In Singapore alone, Syfe manages over HK$ 10B in assets and nearly 5% adult citizens are using the platform to achieve their financial goals. Launched in 2019, Syfe has raised US$ 52m to date from prominent backers such as Valar Ventures (Wise, N26, Qonto), Unbound (Databricks, Forto) and Partners from DST Global (Robinhood, Revolut, Brex, Coinbase).
In Hong Kong, Syfe holds licenses from the Hong Kong Securities and Futures Commission (SFC) for Type 1 (dealing in securities), Type 4 (advising on securities), Type 9 (asset management) activities (license number: BRQ741), as well as Principal Intermediary license from the Mandatory Provident Fund Schemes Authority (MPFA) (MPF Registration number: IC001175) and is authorized to engage in related regulated activities. For more information, visit: www.syfe.com/en-hk.
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