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DBS glitch: MAS to mull ‘appropriate’ actions after bank probes into ‘serious disruption’

·Editorial Team
·1-min read
A DBS bank signage is pictured in Singapore September 5, 2017. REUTERS/Edgar Su
A DBS bank signage. (PHOTO: Reuters)

SINGAPORE — The Monetary Authority of Singapore (MAS) said on Wednesday (24 November) that the disruption to DBS Bank’s online banking services was “serious”, and MAS is considering “supervisory actions” after the bank conducts a thorough investigation into the incident.

The statement by MAS comes after DBS’s customers experienced online service disruption for a second consecutive day.

“MAS expects all financial institutions to have systems and processes to ensure the consistent availability of financial services to their customers,” said Marcus Lim, Assistant Managing Director (Banking and Insurance) at the central bank.

“This is a serious disruption and MAS expects DBS to conduct a thorough investigation to identify the root causes and implement the necessary remedial measures. MAS will consider appropriate supervisory actions following the investigation,” Lim added.

Earlier Wednesday, DBS assured customers that their deposits and monies were safe despite the disruption.

"Yesterday, we identified a problem with our access control servers and this is why many of you have been unable to log in," Shee Tse Koon, Singapore country head of DBS, said on Facebook.

The bank and its third-party engineering providers had managed to restore services after midnight but the disruption recurred on Wednesday morning.

Shee said that customers could use the bank's branches and phone banking services in the meantime.

“MAS agrees with DBS that the priority should be to fully restore its services and minimise inconvenience to customers,” the central bank said.

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