Hong Kong Monetary Authority Promotes Electronic Lai-see for Chinese New Year 2025
As the Chinese New Year approaches, the Hong Kong Monetary Authority (HKMA) has announced measures to facilitate the exchange of new and good-as-new notes for the festive season. In collaboration with three note-issuing banks—The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited, and Bank of China (Hong Kong) Limited—the HKMA will offer these notes from January 14 to January 28, 2025, according to the Hong Kong Monetary Authority.
Encouraging Electronic Lai-see
To promote sustainable practices, the HKMA is urging the public to consider using electronic channels such as the Faster Payment System, online banking, or e-wallet services for giving lai-see. This initiative aims to reduce the consumption of physical red packets and paper banknotes. Various banks and electronic payment operators are expected to launch promotional programs to incentivize the use of electronic lai-see.
Arrangements for Note Exchange
The note-issuing banks have implemented several measures to ensure a smooth note exchange process. These include:
- Extending banking hours from 8:00 a.m. to 9:00 a.m. exclusively for note exchange during the first three days of the service period, starting January 14, 2025.
- Offering online booking services for new and good-as-new notes, with details to be announced soon by individual banks.
- Implementing crowd management strategies, such as distributing physical tickets and managing queues when necessary.
Advisory for Cash Users
The HKMA advises those preferring cash for lai-see to check their existing stock of new or good-as-new notes at home before visiting a bank. There is no urgency to exchange notes at the beginning of the service period, as banks are committed to maintaining an adequate supply throughout.
The HKMA's efforts to encourage electronic lai-see align with broader sustainability goals, offering a modern, eco-friendly option for traditional cultural practices during the Chinese New Year.
