MAS: Fit-for-Gifting Notes and E-Hong Baos for greener CNY gifting

SINGAPORE: The Monetary Authority of Singapore, MAS, encourages greener gifting this Lunar New Year.

MAS, on their media release on Jan 15, is urging citizens to choose environmentally friendly options for Lunar New Year (LNY) gifting by opting for “Fit-for-Gifting” currency notes (fit notes) or electronic hong baos (e-hong baos).

Fit notes, previously circulated and verified for quality through banknote processing machines, present a green alternative to new notes traditionally used for festive gifting.

The public is encouraged to embrace this eco-friendly practice, as it reduces carbon emissions and minimizes wastage.

Last Lunar New Year, the community’s collective effort in exchanging over 11 million fit notes led to emissions savings of approximately 400 tCO2e – equivalent to the annual emissions from powering about 220 four-room public housing flats.

Online pre-booking services will be available for DBS, OCBC, and UOB customers starting from Jan 17 to facilitate the adoption of fit notes.

From Jan 24, individuals can collect pre-booked Lunar New Year notes at bank branches, engage in walk-in exchanges, and withdraw at selected pop-up and branch ATMs of DBS, OCBC, and UOB.

Those interested in exchanging fit or new notes at bank branches must make an online pre-booking through the respective banks’ official websites or mobile banking applications. It is important to note that banks will not send SMS messages with clickable links for customers’ security.

For added convenience, both fit and new notes can be withdrawn without pre-booking at selected pop-up and branch ATMs of DBS, OCBC, and UOB. Customers of other banks are advised to visit their respective banks’ websites for specific details on fit and new notes exchange.

In addition to the fit notes initiative, the public is encouraged to send e-hong baos for a more convenient and personalised way of conveying blessings to family and friends during the Lunar New Year.

Banks have enhanced their e-hong bao offerings with new features and refreshed designs for more personalised Lunar New Year greetings.

For more information on fit notes, please check here. /TISG