With my existing provider (AIA), after logging in to their website there is a new tab "TVC" which allows me to setup one of these new accounts. I clicked on it and it started to ask me a million questions about job, income, etc so I cancelled it for now. But they do seem to have this up and running now.
For expats, this seems like a great deal. Pay $5k per month into this account and then save 15% tax. Then when you leave Hong Kong you can get the money back.
I don't know who has the lowest fees, but AIA has about 10 different fund types with fees around 0.75%-0.79%. Then they have another 10 or so with fees around 1.3%-1.75%. I've got all my mpf going into the lower fee options now.
Also I'm not sure if the fees on these TVC accounts are the same as regular MPF fees, being in Hong Kong I'm sceptical there is probably some scam going on behind the scenes and the fees on the TVC accounts will probably be double or something ridiculous.