Singapore’s central bank to weigh actions after DBS suffers massive glitch
- The disruptions in DBS’ digital services – an area where the Singapore-based bank has invested in heavily – started early on Tuesday and resurfaced the following day
- Under the central bank’s regulations, financial institutions need to ensure that the maximum downtime for each critical system does not exceed 4 hours within any period of 12 months
Singapore’s central bank on Wednesday said it would consider supervisory actions after DBS Group Holdings suffered one of the worst digital disruptions for Southeast Asia’s biggest lender in the past decade.
“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,” Marcus Lim, assistant managing director at the Monetary Authority of Singapore, said in an emailed response to questions on Wednesday. “MAS will consider appropriate supervisory actions following the investigation.”
The disruptions in DBS’ digital services – an area where the Singapore-based bank has invested in heavily – started early on Tuesday and resurfaced the following day.
The problems stemmed from the bank’s access control servers, resulting in customers’ inability to log in to the services, country head Shee Tse Koon said in a video clip on its Facebook page.
“We acknowledge the gravity of the situation and as we work to resolve matters, we seek your patience and understanding,” Shee said.
He apologised to customers and reassured them that their deposits were safe, adding that banking services at all its branches had been extended by two hours.
The central bank has been following up closely with DBS since the disruptions began, Lim said. MAS agreed with DBS that the priority was to restore services, he said, without commenting on what potential supervisory actions the authority might take.