On 2 January 2025, the Monetary Authority of Singapore (MAS) announced initiatives to promote the use of Fit notes and digital gifting during the upcoming Lunar New Year festivities. By encouraging the public to opt for these environmentally friendly alternatives over new currency notes, MAS aims to reduce carbon emissions and support sustainable practices.
In collaboration with major banks like DBS, OCBC, and UOB, the MAS will facilitate online pre-booking of Fit notes starting from 7 January 2025. These banks are also increasing the number of pop-up and branch ATMs dispensing Fit notes across Singapore, making it more convenient for the public to access them. Customers of these banks who wish to exchange Fit or new notes at branches must make an online pre-booking through the banks’ official websites or mobile banking applications. Walk-in exchanges will be available for those aged 60 and above or persons with disabilities.
In 2024, nearly two-thirds of hong bao givers surveyed chose Fit notes over new notes, resulting in the exchange of over 11.7 million pieces of Fit note, a 5% increase from the previous Lunar New Year. This shift led to carbon emissions savings of approximately 408 tonnes of CO₂ equivalent, comparable to the annual emissions from powering about 220 four-room public housing flats.
The push towards using Fit notes and e-hong baos aligns with Singapore’s broader environmental goals. By reducing the demand for new currency notes, the MAS and partnering banks are taking meaningful steps towards a greener future. E-hong baos have also gained popularity as a convenient and personalised way to send well-wishes, further reducing the environmental impact associated with traditional red packets.
The timeline for these initiatives is as follows: online pre-booking of notes begins on 7 January 2025, with collection of pre-booked notes and walk-in exchanges starting from 14 January 2025.
Assistant Managing Director (Finance, Risk & Currency) of MAS, Ms. Cindy Mok, expressed optimism about the public’s response: “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.”
(Source: https://www.mas.gov.sg/news/media-releases/2025/choose-fit-notes-or-digital-gifting-this-lunar-new-year-for-a-greener-future, https://www.mas.gov.sg/-/media/mas-media-library/news/media-releases/annex—notes-exchange-at-banks-for-lunar-new-year-2025.pdf)
