In April, MAS had directed DBS 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.
The Monetary Authority of Singapore (MAS) has imposed a six-month pause on DBS Bank’s (SGX:D05
) non-essential IT changes to ensure that the bank keeps sharp focus on restoring the resilience of its digital banking services.
The 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.
