Federation of Investment Managers Malaysia (FIMM) unveil a new system called Elektronik-Pilihan Pelaburan Ahli (E-PPA). With the new system EPF members’ could now submit their applications online for withdrawing part of their EPF saving to invest in unit trust funds.
The E-PPA system was jointly developed by FIMM and the EPF and it aim to reduce the application processing time to two days from between 15 to 20 days under the manual system.
Under the EPF Members Investment Scheme (EPF-MIS) which was launched 15 years ago, EPF members are allowed to invest part of their savings in the approved unit trust funds. With the introduction of E-PPA system, it will be more beneficial to EPF-MIS members.
The online application service was currently provided free of charge. It has been implemented in stages since early January. So far, 16 unit trust companies are already on-board with the E-PPA system, while another 25 will hop on later.