The Hong Kong Monetary Authority (HKMA) is taking steps to promote sustainability for Chinese New Year 2025 by encouraging the use of electronic lai-see. With new note exchange services available, this initiative aims to reduce the consumption of physical red packets and paper banknotes. As the festive season approaches, the HKMA, in collaboration with three note-issuing banks, is gearing up to offer new and good-as-new notes from January 14 to January 28, 2025.
Encouraging Electronic Lai-see
In a bid to promote sustainable practices, the HKMA is urging the public to consider utilizing electronic channels like the Faster Payment System, online banking, or e-wallet services for giving out lai-see. This push towards electronic alternatives is part of a broader effort to embrace modern, eco-friendly options while preserving traditional cultural practices during the Chinese New Year. Various banks and electronic payment operators are expected to roll out promotional programs to incentivize the use of electronic lai-see.
Arrangements for Note Exchange
To ensure a seamless note exchange process, the note-issuing banks have put in place several measures:
– Extending banking hours exclusively for note exchange from 8:00 a.m. to 9:00 a.m. during the first three days of the service period, commencing January 14, 2025.
– Introducing online booking services for new and good-as-new notes, with further details to be announced by individual banks shortly.
– Implementing crowd management strategies, including distributing physical tickets and managing queues as needed.
Advisory for Cash Users
For those who prefer cash for their lai-see, the HKMA advises checking existing stocks of new or good-as-new notes at home before heading to the bank. There is no rush to exchange notes at the onset of the service period, as banks are committed to ensuring an ample supply throughout. This advisory aims to streamline the process and alleviate any potential rush or inconvenience for cash users during the festive period.