Once again, the Monetary Authority of Singapore (MAS) is urging the population to give e-hong baos as opposed to physical cash. While telling people the digital version is more environmentally friendly, the digital version should also help limit queuing at banks that can fuel COVID transmission.
@MAS_sg encourages Singaporeans to give e-hong baos or reuse notes during the coming #LunarNewYear as they will help to reduce queues for physical notes and are more environmentally friendly.
READ: https://t.co/yML8mPdmHG
— MAS (@MAS_sg) December 28, 2021
MAS states that it has been working with The Association of Banks in Singapore as well as Fintechs, to develop e-gifting solutions as an alternative to physical hong baos.
MAS notes that the e-gifting solutions from DBS and Singtel Dash won awards at the Singapore Fintech Festival 2021.
If you must give physical hong baos, MAS urges people to reuse notes or give QR gift cards instead of using new notes.
The tradition of hong baos, or red envelopes, is a Chinese tradition that has been adopted across Asia. The giving of money during the Chinese New Year is one of the most popular gifting events of the year. In early 2021, neobank Revolut announced its own version of digital or e-hong baos. WeChat part of Tencent, first introduced e-hong baos in 2014.