The Monetary Authority of Singapore (MAS) has declared it will not extend the six-month restriction previously placed on DBS Bank.
The pause, which spanned from 1 November 2023, to 30 April 2024, aimed to focus the bank on enhancing the resilience of its digital banking services.
The directive was a response to multiple service disruptions faced by DBS Bank customers in 2023, leading to a comprehensive review and remediation plan.
MAS acknowledged that DBS Bank has made significant strides in rectifying the issues identified, particularly in the areas of technology risk governance, system resilience, change management, and incident handling.
While the remediation plan is still being implemented, including efforts to simplify and fortify the bank’s system architecture, MAS has decided to maintain the current multiplier of 1.8 times to DBS Bank’s risk-weighted assets for operational risk. This decision reflects the ongoing nature of some of the remediation measures.
The regulator said in a statement,
“MAS will closely monitor DBS Bank’s progress on the remaining deliverables and the effectiveness of the measures implemented. In the event of service disruptions, MAS expects DBS Bank to promptly recover its services and communicate to its customers in a clear and timely manner.
The multiplier of 1.8 times will be lifted when MAS is satisfied that DBS Bank has demonstrated the ability to maintain service availability and reliability, and handle any disruptions effectively.”
