Singapore – In response to encouragement from the Monetary Agency of Singapore to give electronic hongbaos instead of physical ones in the upcoming Chinese New Year celebration, financial app Revolut has now enabled the sending of e-hongbaos using its Gifting feature.
The handing of Hongbaos is a tradition in several East and Southeast Asian countries which are red envelopes containing cash, given out as a token of good fortune in occasions such as baptisms, weddings, birthdays and festivals.
Under Revolut’s new e-hongbao feature, users can send in 28 currencies, including Australian dollars (AUD), Hong Kong dollars (HKD), United States dollars (USD) and the British pound sterling (GBP). The e-hongbaos will also feature special designs provided in the Gifting platform.
“With the Monetary Authority of Singapore encouraging people to give e-hongbaos instead of physical ones for Chinese New Year, it has become a necessity to make it easy for everyone to give hongbaos in a safe, frictionless and fun way, said James Shanahan, CEO of Revolut Singapore.
“Revolut has expanded beyond our origins as a multi-currency travel card. Our foreign exchange (FX) feature can be used for remittance, gifting, and online shopping, where customers will always be assured they are getting the best exchange rates,” added Shanahan.
The e-hongbao feature on Revolut SG will be available on February, the month for the Chinese New Year.