The rest is history – the vast majority of the people in the country are now gifting electronically. Many other players have joined the fray, some adding innovative bells and whistles such as embedded videos and hongbao snatches. In 2014, the Internet behemoth Tencent introduced the e-hongbao function in its ubiquitous WeChat platform. Traditions can move with the times, especially if we look at China where hongbao originated. The cost of printing a US$1 note was 6.2 cents per note - just over 6 per cent of the note’s monetary value. The US Department of the Treasury’s Bureau of Engraving and Printing’s 2021 currency operating budget was US$1.1 billion. The practical cost of printing paper currency is a key consideration too. Sustainability is not the only reason why we should be persuaded to give e-hongbao a chance. The carbon footprint from producing and destroying just the excess S$2 notes is significant – equivalent to the annual emissions from powering 430 four-room public housing flats. This recycling of used notes has helped to meet about 20 per cent of annual festive demand, reduced wastage and supported the environment.īut the remaining used S$2 notes, which exceed circulation needs, are subsequently destroyed. S$2 notes, which form the bulk of new notes issued, that are deposited are reissued as good-as-new notes the following Chinese New Year. In Singapore, as many as 100 million pieces of new notes are issued to meet this annual demand. If the public continues to demand only new notes each festive season, the used notes have few opportunities to be recirculated. The new notes that we painstakingly queue for will only be used momentarily, and become used notes deposited back into bank accounts at the end of the festive season. Many tend not be easily recyclable due to their designs and materials used. Most red packets likely end up in the incinerator. We should also not neglect the sustainability imperative. THE SUSTAINABILITY IMPERATIVE TO DITCH PHYSICAL HONGBAO E-hongbao might be a natural next evolution of such traditions. It is probably only over the recent century that notes were used instead of coins because the newer coins did not have holes in the centre for the giver to string together. However, coins were used, not the physical notes seen today, let alone brand-new notes. Since then, the practice of giving hongbao has evolved in form over various dynastic eras in China. When Sui came for the children, the coins would fall out of the envelope, emanating a ray of light that scared Sui. To ward off Sui, parents decided to tuck their children in bed with coins wrapped in an envelope. Where did this tradition of giving out hongbao come from? Legend has it that there was a demon named Sui who went around terrorising children. With the coming Chinese New Year, the Monetary Authority of Singapore has encouraged the use of used notes or switching to e-hongbao for two reasons: First, to support sustainability and second, to understandably prevent overcrowding in banks during the pandemic.īut switching to e-hongbao in the name of sustainability may be hard for some, who might feel as if they’re jettisoning their cultural traditions for the sake of convenience and modernity. What’s even more surprising that these were not older Singaporeans but young-looking people in their 30s who are probably tech-savvy. It is captivating that this tradition of giving physical new notes has somehow withstood the test of time and modern technology.Ĭonvincing the coffeeshop folks to reuse notes or even gift “e-hongbao” is probably an impossible task. One feature common to all is a distinctive cultural preference for crisp new notes, fresh from the bank, including the fragrance that comes with it. Deepavali also sees purple packets exchanging Hindu hands. During Hari Raya Puasa (Eid al-Fitr) observed by Muslims, green packets containing gifts of cash are handed out. This ritual of packet gifting is not unique to the Chinese. They were agonising over the hassle just to dole out hongbao (red packets) over the festive season. SINGAPORE: With the Chinese New Year just around the corner, we recently overheard people engaged in a spirited discussion at a neighbourhood coffee shop about needing to make online reservations for new notes before queuing up to collect them at the bank.
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