MAS pushes e-hong baos for Lunar New Year

Clients who prefer physical notes will have to pre-order from their respective banks.

The Monetary Authority of Singapore (MAS) is encouraging customers to use e-hong baos for the upcoming Lunar New Year to reduce queues and promote environmental sustainability, a statement read.

This is a part of a larger shift towards e-gifting that the central bank and Association of Banks in Singapore (ABS) are promoting.

Members of the public, except those aged 60 and above and persons with disabilities, who prefer physical notes for Lunar New Year will need to make an appointment through their respective banks’ online reservation systems. New notes can also be withdrawn without a prior booking at pop-up ATMs offered by DBS.

DBS, OCBC, UOB, Maybank, and Standard Chartered will offer online reservations for new and good-as-new notes. The pre-order period will start from 18 January, whilst the collection for online orders, walk-in option for elderly aged 60 and above and persons with disabilities, and withdrawal at DBS’ pop-up ATMs will start from 25 January.

MAS is also pushing fintech firms to develop e-gifting solutions, with the most innovative receiving a special recognition at the Singapore FinTech Festival in November.