Embracing Tradition in the Digital Age
Hong Kong’s tech-savvy population may have fully adapted to digital banking, but traditional red envelopes, or lai see packets, remain a popular way for companies to promote their brand and business. As the Year of the Snake begins, financial institutions are seizing the opportunity to mark significant milestones.
HSBC Celebrates 160 Years
Hong Kong’s largest bank, HSBC, is commemorating its 160th anniversary with a special limited edition set of lai see envelopes featuring its iconic lions and depictions of its Hong Kong headquarters across different eras. Despite the rise of e-lai see, the demand for physical lai see envelopes remains strong, according to Cheuk Shum, head of marketing for wealth and personal banking at HSBC Hong Kong.
ICBC Marks 25 Years in Hong Kong
ICBC (Asia) is celebrating 25 years in the city by incorporating a special anniversary logo on its lai see envelopes, featuring a golden serpent symbol signifying blessings and prosperity.
Rebranding with Lai See
The Hong Kong Gold Exchange is using lai see packets to promote its rebranding after 114 years as the Chinese Gold & Silver Exchange Society. With over 60,000 packets sent out, the exchange aims to bestow a “house full of gold and silver” on its users.
A Cost-Effective Marketing Tool
Lai see packets offer a highly effective way for companies to promote themselves, with each packet costing only around HK$1. This has led many banks and non-financial companies to adopt the tradition, including UBS, Standard Chartered, and Julius Baer.
Exclusive Gifts for High-Net-Worth Clients
Wealth management has become a significant chunk of business for many banks, leading them to send exclusive lai see handbags and gift boxes to their high-net-worth customers.
The Rise of E-Lai See
While physical lai see remains popular, e-lai see has taken off in recent years, according to the Hong Kong Monetary Authority (HKMA). ZA Bank, an online-only lender, reported 420,000 e-lai see requests until the end of last year since introducing the digital function in 2022.
A Shift in Banknote Demand
The HKMA’s encouragement of e-lai see has led to a 25% decrease in the annual quantity of new banknotes issued by the three note-issuing banks compared to 2019-2020. However, HSBC reported a 50% increase in demand for new banknotes this Lunar New Year, with Bank of China seeing stable demand.
Tradition Meets Innovation
As Hong Kong celebrates the Year of the Snake, the tradition of lai see packets continues to thrive, blending seamlessly with digital innovations. Whether physical or digital, lai see remains an essential part of the city’s cultural heritage.
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