The Monetary Authority of Singapore (MAS) announced that the public can collect hongbao notes for Chinese New Year through online reservations and walk-in exchanges. In an effort to reduce carbon emissions, MAS promotes the use of fit-for-gifting notes and e-hongbao options.
From January 7th, the public can make appointments to collect hongbao notes for Chinese New Year , which falls on January 29th and 30th. This can be done through the online reservation systems of DBS Bank, OCBC Bank, and UOB, according to the Monetary Authority of Singapore ( MAS ) on January 2nd. Collection of new and fit-for-gifting notes will start from January 14th. Walk-in exchanges at DBS, OCBC, and UOB branches are available only for those aged 60 and above and people with disabilities.
From January 14th, hongbao notes can be withdrawn without booking at selected DBS, OCBC, and UOB pop-up and branch ATMs. MAS added that it will also be increasing the number of pop-up and branch ATMs dispensing hongbao notes in locations across Singapore. Fit-for-gifting notes – or fit notes, as MAS calls them – are those that are clean and suitable for recirculation. The notes are similar in quality to those dispensed by ATMs, the authority said. MAS encourages the public to adopt more environmentally friendly hongbao options such as e-hongbao and fit notes, as issuing new notes to meet the demand for festive gifting generates unnecessary carbon emissions. More than 11.7 million pieces of fit notes were exchanged during Chinese New Year in 2024, MAS added. This was a 5 percent increase from the number in 2023. Producing that number of new notes would have generated approximately 408 tonnes of carbon dioxide equivalent, which is comparable to the annual emissions from powering about 220 four-room Housing Board flats. DBS said on January 2nd that it will have 72 pop-up ATMs disbursing fit and new notes in 48 locations from January 14th to 28th. The bank said it has increased the number of pop-up ATMs dispensing fit notes by 50 percent from 2024, bringing the total to 15 machines. The bank is rewarding customers who embrace digital gifting with a giveaway from January 7th to February 18th, offering over 1,000 prizes of $8,888 and $88
Hongbao Chinese New Year Singapore MAS Fit-For-Gifting Notes Environmental Sustainability E-Hongbao
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