The Financial Authority of Singapore (MAS) stated that the disruption of DBS’ digital providers yesterday is unacceptable particularly because the financial institution skilled the same incident in November 2021.

MAS added that it takes “severely the reliability of banks’ crucial IT system” and the regulator warned that acceptable supervisory motion will probably be taken following an investigation into the incident.

DBS had notified MAS yesterday morning that its prospects had been experiencing difficulties logging in to its digital banking providers. In keeping with DBS’ Fb put up, providers had been solely restored at 5.45 pm after being unavailable the entire day.

Netizens had flooded DBS’ social media channel asking for updates yesterday whereas slamming the financial institution for the extended disruption.

DBS expertise the same incident in November 2021 when it skilled 39 hours of disruption as a result of a malfunction of the financial institution’s entry management servers.

Following that incident, MAS had imposed an extra capital requirement of S$930 million on DBS in February 2022.

MAS stated in a press release,

“Immediately’s disruption of DBS’ digital providers is unacceptable, coming a yr after the same incident in November 2021. DBS has fallen wanting MAS’ expectations to keep up excessive system availability and guarantee its IT methods are recovered expeditiously.

 

MAS has instructed DBS to conduct a radical investigation to ascertain the foundation reason for the disruption and submit its investigation findings to MAS. MAS will take the commensurate supervisory actions after gathering the mandatory information.”