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MAS Mulls Supervisory Actions Following DBS’ Two-Days Service Disruption

The Monetary Authority of Singapore said that it will consider appropriate supervisory actions after DBS Bank conducts an investigation following the disruption of its digital banking services that lasted for two days.

Marcus Lim

According to Bloomberg’s report, Marcus Lim, Assistant Managing Director at the Monetary Authority of Singapore said in an emailed response,

“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.

MAS will consider appropriate supervisory actions following the investigation.”

Tse Koon, DBS’ Singapore Country Head provided an update on the 24th November saying that the bank has identified a problem with its access control servers which caused the disruption.

He added that the team has been “working round the clock with third-party engineering providers to fix the problem and services were restored at 2am”.

But the problem still persisted where many were still unable to log in to their accounts.

DBS took to Twitter yesterday to deny rumours that the outage was tied to the sale of treasury bonds by Myanmar’s National Unity Government.

Update 3:30PM, 24 Nov
There have been rumours that DBS’ digibanking service disruption is linked to the sale of treasury bonds by Myanmar’s National Unity Government. There is no truth to this. DBS has not sold any such bonds.

— DBS Bank (@dbsbank) November 24, 2021