News

1. Singapore, 2 January 2025… In anticipation of the upcoming Lunar New Year (LNY) celebrations, the Monetary Authority of Singapore (MAS) urges the public to embrace Fit notes[1] or e-hong baos to contribute to a more sustainable future. Online pre-booking of Fit notes for customers of DBS, OCBC, and UOB will commence on 7 January 2025.
2. Fit notes and e-hong baos are eco-friendly alternatives to traditional red envelopes. They allow you to uphold the Lunar New Year tradition of gift-giving while reducing your environmental footprint. In 2024, choosing Fit notes instead of new notes saved an estimated 408 tons of CO2 emissions – that’s equivalent to powering hundreds of homes! For more information on Fit notes, visit http://www.go.gov.sg/usefitnotes
3. To enhance accessibility, DBS, OCBC, and UOB will expand the availability of Fit notes by increasing the number of pop-up and branch ATMs[3] dispensing them at various locations throughout Singapore.
4. Customers of DBS, OCBC, and UOB (excluding those aged 60 and above or with disabilities) must pre-book their Fit or new note exchanges online through the respective bank’s website or mobile app. Customers of other banks should refer to their bank’s website for exchange details. To safeguard customers from phishing scams, banks will not send SMS messages with clickable links. For further information, please refer to the Annex
5. The schedule for pre-booking and exchanging Fit and new notes at DBS, OCBC, and UOB is as follows:

• Pre-booking of notes online: From 7 January 2025.
• Collection of pre-booked notes at bank branches: From 14 January 2025.
• Walk-in exchange of notes at bank branches: From 14 January 2025.
• Exchange of notes at selected pop-up and branch ATMs of DBS, OCBC, and UOB: From 14 January 2025.

6. In addition to Fit notes, e-hong baos offer a convenient and personalized way to share Lunar New Year greetings and blessings with loved ones. These digital red packets have gained popularity, and banks have expanded their offerings to allow for more creative and customized messages.

7. Ms Cindy Mok, Assistant Managing Director (Finance, Risk & Currency) at MAS, said that they were heartened that more and more Singaporeans were adopting greener options by using Fit notes or e-hong baos for festive gifting. She encouraged everyone to encourage more of their family and friends to do so during the coming Lunar New Year. She concluded that together, they could contribute to a greener tomorrow while preserving their Lunar New Year customs.

If your company needs help filing taxes for the year 2024, or requires assistance with Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at aceglobalacct@gmail.com. Alternatively, you may leave us a reply using our contact form below.

• Share:

PREVIOUS ARTICLE

NEXT ARTICLE