The Monetary Authority of Singapore (MAS) has called the disruption of DBS Bank’s D05 digital banking and payment services “unacceptable”.
“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,” says MAS.
The statement comes after the bank’s mobile apps, which include DBS PayLah! and DBS mTrading services, faced interruption of services for around 10 hours.
According to MAS, DBS had notified the central bank on the morning of March 29 that its customers were “experiencing difficulties logging in to its digital banking services”.
The bank’s digital banking services had “returned to normal” around 5.45pm on the same day, according to a statement given by the lender to Bloomberg.
The incident comes after DBS faced similar difficulties in November 2021 where its system was down for two days leaving customers unable to log into their accounts via the bank’s digital platforms. Due to the incident, the MAS had slapped DBS with an additional capital requirement of around $930 million in regulatory capital to guard against similar risks in February 2022.
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Shares in DBS closed 3 cents lower or 0.09% down at $33.59 on March 29.
