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Singapore’s DBS Bank pioneered the shift towards digital hongbao as early as 2018, revolutionizing the way money is gifted during the festive season. Their initiative saw the amount of digital hongbao loaded onto platforms like Alipay and WeChat steadily increase. In 2020, the average amount loaded reached about SGD 47—an impressive 31% jump from previous years. Additionally, DBS introduced "Kiran Hongbao," a new digital gifting option, which saw its total amount loaded nearly double, from SGD 1.5 million in 2019 to SGD 2.8 million in 2020.