MAS pushes for greener Lunar New Year by promoting use of e-hong baos and fit notes

SINGAPORE: As the Lunar New Year (LNY) approaches, the central bank is urging the public to embrace greener gifting options, such as Fit notes and e-hong baos, to reduce the environmental impact of traditional celebrations.

Starting January 7, 2025, DBS, OCBC, and UOB customers can pre-book Fit notes online, paving the way for a more sustainable LNY season.

By opting for Fit notes or e-hong baos, which preserve the cherished tradition of gifting hong baos, recipients can also contribute to lowering carbon emissions from the production of new currency.

A 2024 survey revealed that nearly two-thirds of hong bao givers had chosen Fit notes over new bills, with over 11.7 million pieces exchanged at participating banks—an increase of 5% from the previous year.

This switch resulted in a reduction of approximately 408 tons of CO2 emissions, equivalent to the energy consumption of about 220 four-room public housing flats over a year.

To further support this eco-friendly initiative, DBS, OCBC, and UOB will expand their network of pop-up and branch ATMs dispensing Fit notes across Singapore, making it easier for the public to participate in the green effort.

Customers wishing to exchange Fit or new notes at participating bank branches will need to make an online pre-booking via the banks’ websites or mobile apps, except those aged 60 and above or individuals with disabilities.

Those banking with other institutions should consult their respective websites for details on the exchange process.

In a move to protect against phishing scams, the banks have also assured customers that they will not send SMS messages with clickable links related to the note exchange.

In addition to physical Fit notes, e-hong baos have gained popularity as a convenient and sustainable way to send well wishes during LNY.

Banks have enhanced their e-hong bao services, allowing for more personalized greetings to family and friends.

Cindy Mok, Assistant Managing Director of Finance, Risk & Currency at the Monetary Authority of Singapore (MAS), urged:

“We are heartened that more and more Singaporeans are adopting greener options by using Fit notes or e-hong baos for festive gifting. This coming Lunar New Year, let us encourage more of our family and friends to do so. Together, we can contribute to a greener tomorrow, while preserving our Lunar New Year customs.”

As the celebrations draw near, Singaporeans have a chance to honor tradition while making a positive impact on the environment—one Fit note or e-hong bao at a time.