The Monetary Authority of Singapore has encouraged the public to use Fit notes or e-hong baos for Lunar New Year gifting as a lower-carbon alternative to exchanging for new notes, and set out arrangements for Fit and new notes exchange with DBS, OCBC and UOB. Fit notes are recirculated currency notes that have been verified by banknote processing machines and are described as similar in quality to notes from ATMs. MAS cited a 2024 poll in which almost two in three hong bao givers chose Fit notes over new notes, with more than 11.7 million Fit notes exchanged at banks, up 5% from the previous Lunar New Year, and estimated emissions savings of around 408tCO2e. To improve access, DBS, OCBC and UOB will increase the number of pop-up and branch ATMs dispensing Fit notes across Singapore, and banks have enhanced e-hong bao offerings to allow greater personalisation. For DBS, OCBC and UOB customers, online pre-booking starts from 7 January 2025, and collection of pre-booked notes, walk-in exchange at branches, and exchange at selected pop-up and branch ATMs begin from 14 January 2025. Those customers exchanging Fit or new notes at branches must pre-book via official bank websites or mobile banking apps, except customers aged 60 and above or persons with disabilities; other banks’ customers are directed to their respective banks’ websites for exchange details. MAS also noted that banks will not send SMS messages with clickable links as an anti-phishing measure.

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