Menon’s criticism of the bank is the strongest signal yet that DBS is likely to face further regulatory censure. The continued disruptions — with at least five this year — have led some analysts to raise the prospect of more severe punishments such as fines. Already, MAS has penalized DBS by raising its capital requirements twice in over a year.
Singapore’s financial regulator is set to direct DBS Group Holdings Ltd. to take further steps to resolve a spate of digital banking service outages.
“The frequency of outages is unacceptable, the slowness in recoverability is unacceptable,” Ravi Menon, managing director of the Monetary Authority of Singapore, said in an Oct 27 interview with Bloomberg News. “The problem is that the largest bank in Singapore with the largest number of customers has had more than its fair share of outages.” MAS will elaborate on what DBS should do this week, he added.
