MAS To Punish DBS For “Unacceptable” Downtime
After DBS’s second outage in less than two years, the Monetary Authority of Singapore will take action against the bank because the disruption to services is “unacceptable.”
On Wednesday, DBS customers couldn’t use its online banking services or trade through its brokerage for ten hours.
MAS says it stayed in close contact with DBS to make sure that its digital services were back up and running quickly and that customers were kept up to date on what was going on.
The regulator says in a statement:
“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.”
The central bank told DBS to do a thorough investigation to find out what caused the problem and send in its findings. Then, “MAS will take the appropriate supervisory actions after gathering the necessary facts,” the central bank said.
In a statement released on Wednesday, Piyush Gupta, the CEO of DBS, said:
“We hold ourselves to higher standards and it is our utmost priority to review the events of today.”
After DBS’s digital banking services were out of service for two days in November 2021, MAS made the bank put up more capital.
