MAS Singapore encourages the use of e-gifts

Tuesday 12 January 2021 13:00 CET | News

The Monetary Authority of Singapore (MAS) has started encouraging Singaporeans to use e-hong baos (e-gifts) during the coming Lunar New Year to reduce queues for physical notes.

The Association of Banks in Singapore (ABS) will actively promote e-gifting for the festive season. E-hong baos will enable remote gifting across a variety of visitation practices, including virtual gatherings, during the upcoming Lunar New Year. Giving e-hong baos instead of physical notes is also environmentally more sustainable as it reduces the printing and subsequent wastage of new notes that are returned by the public to banks after each Lunar New Year.

-hong baos are part of a larger shift towards e-gifting that MAS and ABS are promoting.  MAS also encourages fintech firms to develop e-gifting solutions for different purposes, including gifting during festive periods. The most innovative fintech e-gifting solution will receive special recognition at the Singapore Fintech Festival in November 2021.

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Keywords: MAS, Singapore, e-hong bao, gifts, sustainability , online payments, fintech
Categories: Banking & Fintech
Countries: Singapore
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Banking & Fintech

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