Singapore DBS’ digital services disrupted days after central bank ban ends
- The outages came 2 days after the financial regulator announced an end to the 6-month ban on non-essential activities it imposed on Singapore’s largest bank
- The Monetary Authority of Singapore had lifted the ban this week, citing improvements and progress to overcome shortcomings
DBS Group Holdings Ltd. was hit by renewed disruptions to its internet banking and payment services in Singapore on Thursday, days after a six-month ban by the island’s central bank over similar glitches ended.
“We are aware that our customers are experiencing issues with DBS/POSB digibank Online and Mobile, DBS PayLah!,” the lender said in a statement on Facebook. “We have identified the issue and have activated measures to recover the services.”
The disruptions came two days after Singapore’s financial regulator announced an end to the six-month ban on non-essential activities it had imposed on the country’s biggest bank.
While the Monetary Authority of Singapore has imposed penalties on DBS including higher capital requirements totalling S$1.6 billion (US$1.2 billion) for similar service disruptions since 2022, the regulator’s action last year including the ban was the most stringent to date.
DBS separately slashed Chief Executive Officer Piyush Gupta’s compensation by S$4.1 million in 2023 following the outages.
