Additional Referral Institution for “HKMC Retire 3”

On Mon, 20 Jul, The Hong Kong Mortgage Corporation Limited ("HKMC") declared an expansion of its referral network for 'HKMC Retire 3'. This authorisation permits the tied agency force at BOC Group Life Assurance Company Limited (BOC Life) to refer the Reverse Mortgage Programme ("RMP"), Policy Reverse Mortgage Programme ("PRMP"), and HKMC Annuity Plan to eligible customers.

Executive Commentary and Strategic Intent

Mr Colin Pou, Executive Director and Chief Executive Officer of the HKMC, expressed gratitude for BOC Life's support in broadening customer access to 'HKMC Retire 3'. He noted the products' efficacy in generating lifelong payouts and enhancing retirement quality. HKMC committed to further collaboration with institutions to assist Hong Kong citizens in retirement financial planning.

Product Functionality and Information Channels

The 'HKMC Retire 3' framework assists residents in managing longevity risks by converting residential property, life insurance policies, and savings into stable, lifelong income streams. Comprehensive product details and authorised institution lists are available via the HKMC and HKMC Annuity Limited ("HKMCA") websites.

Collaboration Launch and Corporate Structure

A launch event featured a joint photograph of Mr Colin Pou and Mr Wilson Tang (Chief Executive of BOC Life). Attendees included Mr Kelvin Lee ("HKMCA COO"), Ms Angela Leung (HKMC VP Marketing and Business Development), Mr Daniel Leong ("HKMCA CEO"), Ms Kitty Lai (HKMC SVP Operations/CEO HKMC Insurance Limited), Mr Alfred Cheung (BOC Life Deputy CEO and Chief Sales Officer), Mr Amos Chan ("BOC Life COO"), Mr Xing Tao (BOC Life Chief Risk Officer), and Mr Billy Tang (BOC Life Chief Agency Officer). Operational oversight distinguishes HKMC Insurance Limited ("HKMCI") for the RMP and PRMP, while the HKMCA underwrites the HKMC Annuity Plan. Both HKMCI and HKMCA function as wholly-owned subsidiaries of the HKMC.