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Singapore MAS Ends DBS Bank Digital Disruption 6-Month Pause to Acquire New Business Ventures on 30th April 2024, 6-Month Pause Imposed on DBS Bank in November 2023 Includes Ban on Reducing Branch Network, Reducing ATM Network & Implementing Non-Essential IT Changes Due to Repeated Disruptions of DBS Banking Services in 2023, DBS Bank to Take Up to 24 Months to Setup Structural Changes to Digital Banking Services
1st May 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) has ended (30/4/24) DBS digital disruption 6-month pause imposed on DBS Bank (1/11/2023) to acquire new business ventures, reduce branch network, reduce ATM network and implement non-essential IT changes due to repeated disruptions of DBS banking services in 2023. DBS Bank will take up to 24 months to setup structural changes to digital banking services. Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS (2023 November): “DBS must put in place immediate measures to ensure service reliability while it continues to invest in the longer-term efforts to bolster its operational resilience. We have imposed this six-month pause on the bank to give it the space to take the actions needed to maintain customer trust.” Singapore MAS (30/4/24): “The Monetary Authority of Singapore (MAS) today announced that it will not be extending the pause imposed on DBS Bank Ltd (“DBS Bank”) that was effective from 1 November 2023 to 30 April 2024, while the multiplier of 1.8 times to DBS Bank’s risk weighted assets for operational risk will be retained. The six-month pause on DBS Bank’s non-essential activities was to ensure that the bank kept a sharp focus on restoring the resilience of its digital banking services. While full implementation of the remediation plan is still ongoing, MAS notes that DBS Bank has made substantive progress to address the shortcomings identified from service disruptions experienced by its customers in 2023. Improvements have been made to its technology risk governance, system resilience, change management, and incident management. The remediation by DBS Bank will continue with some longer-term measures still being worked on, such as the continued simplification and strengthening of the bank’s systems architecture. DBS Bank has committed to prioritise resources and dedicate management attention to complete the outstanding remediation measures. MAS will closely monitor DBS Bank’s progress on the remaining deliverables and the effectiveness of the measures implemented. In the event of service disruptions, MAS expects DBS Bank to promptly recover its services and communicate to its customers in a clear and timely manner. The multiplier of 1.8 times will be lifted when MAS is satisfied that DBS Bank has demonstrated the ability to maintain service availability and reliability, and handle any disruptions effectively.”
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“ Singapore MAS Ends DBS Bank Digital Disruption 6-Month Pause to Acquire New Business Ventures on 30th April 2024, 6-Month Pause Imposed on DBS Bank in November 2023 Includes Ban on Reducing Branch Network, Reducing ATM Network & Implementing Non-Essential IT Changes Due to Repeated Disruptions of DBS Banking Services in 2023, DBS Bank to Take Up to 24 Months to Setup Structural Changes to Digital Banking Services
Singapore MAS Issues 6-Month Pause on DBS Bank to Acquire New Business Ventures, Reduce Branch Network, Reduce ATM Network & Implement Non-Essential IT Changes Due to Repeated Disruptions of DBS Banking Services in 2023, DBS Bank to Take Up to 24 Months to Setup Structural Changes to Digital Banking Services
2nd November 2023 – The Monetary Authority of Singapore (MAS) has issued a 6-month pause on DBS Bank to acquire new business ventures, reduce branch network, reduce ATM network and implement non-essential IT changes due to repeated disruptions of DBS banking services in 2023. DBS Bank will take up to 24 months to setup structural changes to digital banking services. Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS: “DBS must put in place immediate measures to ensure service reliability while it continues to invest in the longer-term efforts to bolster its operational resilience. We have imposed this six-month pause on the bank to give it the space to take the actions needed to maintain customer trust.” See below for full statement:
Singapore MAS Issues 6-Month Pause on DBS Bank to Acquire New Business Ventures, Reduce Branch Network, Reduce ATM Network & Implement Non-Essential IT Changes Due to Repeated Disruptions of DBS Banking Services in 2023
1st November 2023 – The Monetary Authority of Singapore (MAS) has imposed a six-month pause on DBS Bank Ltd’s (DBS Bank) non-essential IT changes to ensure that the bank keeps sharp focus on restoring the resilience of its digital banking services. DBS Bank will not be allowed to acquire new business ventures during this period or reduce the size of its branch and ATM networks in Singapore. The actions were taken following the repeated and prolonged disruptions of DBS’ banking services this year [1] .
In April 2023, MAS directed DBS Bank to engage an independent third-party to conduct a comprehensive review of the effectiveness and adequacy of the people, processes, and technology supporting its digital banking services [2] . Shortcomings were identified in the following areas:
- system resilience;
- incident management;
- change management;
- technology risk governance and oversight
Following the independent review, DBS Bank has set out a technology resiliency roadmap to address the shortcomings, improve system resilience, and better position the bank to meet future digital banking needs. The roadmap is being implemented in phases, with the changes affecting its system architecture design taking more time to complete.
MAS has reviewed DBS Bank’s remediation plan under the roadmap and is satisfied with its scope and the planned measures to improve system resilience. In line with MAS’ expectations, DBS Bank will hold senior management accountable for the lapses and the board will enhance its governance approach to oversee implementation of the roadmap.
- MAS has directed DBS Bank to suspend all changes to the bank’s IT systems except for those related to security, regulatory compliance and risk management for a six-month period. This is to ensure that the bank dedicates the needed resources and attention to strengthen its technology risk management systems and controls. MAS will not approve any new business acquisitions by the bank during this period.
- MAS has also directed DBS Bank not to reduce the size of its branch and ATM networks. This is to ensure there are adequate alternative channels for its customers in the event of further disruptions while the bank works to enhance the operational resilience of its digital channels. This direction will be in force until MAS is satisfied with the progress of DBS Bank’s remediation plan.
- MAS will review the progress made by DBS Bank on its remediation efforts at the end of six months. MAS may extend the duration of the measures, vary the additional capital requirement currently imposed, or take further actions at that point. In the meantime, MAS will retain the multiplier of 1.8 times to DBS Bank’s risk weighted assets for operational risk, which was imposed after the March and May 2023 incidents.
It will take up to 24 months for DBS Bank to put in place the planned structural changes to improve the resilience of its digital banking services. In the meantime, it is possible that disruptions may still occur. In such situations, MAS expects DBS Bank to promptly recover its services and communicate to its customers in a clear and timely manner.
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