SEE: MAS awards digital bank licences to two consortiums, two entities
Sending e-hong baos On Jan 11, the Monetary Authority of Singapore (MAS) has encouraged Singaporeans to send e-hong baos during the coming Lunar New Year. The move is done in a bid to reduce queues for new notes. E-hong baos are said to be more sustainable for the environment, as it reduces the printing of new notes and, by extension, red packets. They are also part of a larger shift towards online gifting, that the MAS and the Association of Banks in Singapore (ABS) are promoting.
SEE: UOB to set up electronic FX pricing and trade engine in Singapore, to launch by 2Q2021
Reduction in physical packets In a bid to do their part for the environment, UOB Bank and OCBC Bank have announced their efforts to promote environmental sustainability through the reduction of the number of physical red packets. UOB’s head of group personal financial services, Jacquelyn Tan, says the bank has reduced the number of red packets printed by about 30% as part of its efforts to decrease the consumption of paper. OCBC’s head of group brand and communications, Koh Ching Ching, adds that the bank has reduced the printing of physical red packets by 20%, and that its red packets in Singapore, Malaysia, Hong Kong, Macau and China are printed on environmentally-friendly paper for the second year running. “We have also done away with the usual single-use plastic holders for red packets, opting for ones made from environmentally-friendly paper,” says Koh. “Since last year, we have encouraged our customers to recycle their red packets by providing recycling boxes which are made of recycled materials at all our branches in Singapore.” “This year, customers can again join us in our efforts to reduce carbon emissions by recycling red packets from Feb 15 to 26. Customers can drop both used and excess red packets – not just OCBC ones - into these boxes. These red packets and the recycling boxes will be sent to a recycling plant to be pulped and subsequently used to make cardboard boxes. Last year, we collected 4,000 kg of red packets and these were pulped to make 10,411 cardboard boxes,” she adds. DBS has also rolled out dedicated red packet recycling bins, which has saved some 12,500 kg worth of red packets, or the equivalent of 210 trees. According to the bank, the bins will be at its branches island-wide, and all-year round.