Singapore MAS on DBS Digital Banking Service Disruption on 29th March 2023: Disruption of DBS Digital Services is Unacceptable, Similar Incident in November 2021
1st April 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has issued a statement on DBS digital banking services disruption on 29th March 2023: “Today’s disruption of DBS’ digital services is unacceptable, coming a year after a similar incident in November 2021. DBS has fallen short of MAS’ expectations to maintain high system availability and ensure its IT systems are recovered expeditiously. MAS has instructed DBS to conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS. MAS will take the commensurate supervisory actions after gathering the necessary facts.” See below for full Singapore MAS statement.
“ Disruption of DBS Digital Services is Unacceptable, Similar Incident in November 2021 “
Singapore MAS on DBS Digital Banking Services Disruption on 29th March 2023
Singapore MAS Statement on Disruption of DBS’ Digital Banking Services
29th March 2023 – DBS notified MAS early this morning that its customers were experiencing difficulties logging in to its digital banking services. MAS has been in close contact with DBS to ensure expedited recovery of its digital services and timely communications to customers on the disruption. We note the bank has since resumed normal digital banking services and is monitoring the situation.
MAS takes seriously the reliability of banks’ critical IT systems.
Today’s disruption of DBS’ digital services is unacceptable, coming a year after a similar incident in November 2021. DBS has fallen short of MAS’ expectations to maintain high system availability and ensure its IT systems are recovered expeditiously. MAS has instructed DBS to conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS. MAS will take the commensurate supervisory actions after gathering the necessary facts.
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