Emma Yong succumbed to stomach cancer at the age of 37 in 2012.
More Singaporeans have been using digital hongbao instead of physical ones since they were introduced during the Covid-19 pandemic. - ST FILE
An all-time high of $39 million was gifted digitally, which contributed to a 7 per cent year-on-year reduction in cash withdrawals, said Ong. Ashley Thomas, head of strategy and operations at Revolut Singapore, said the fintech platform had “seen a strong upward trend” of money transfers during the first five days of Chinese New Year: an 80 per cent increase in 2023, and a further 40 per cent growth in 2024.
Fellow fintech player YouTrip has seen a rise in users sending digital hongbao since it launched the initiative in 2021. At British fintech company Wise, the festive period has also driven demand for money transfers, according to its product manager, Chelsea Li.
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