DBS Bank has announced the restoration of its digital banking services after a temporary disruption that affected its DBS/POSB digibank Online and Mobile platforms, as well as DBS PayLah!.
The services resumed normal operations in less than 2 hours between 7:37 PM and 8:03 PM on 2 May 2024.
The bank had reported difficulties with its digital platforms earlier in the day, starting from 6:55 PM, noting an issue that had impacted user access. Measures were reportedly swiftly activated to recover the services.
During the outage, DBS assured customers that their funds remained secure and provided alternative methods for transactions and trading.
This service disruption comes two days after the Monetary Authority of Singapore (MAS) ended a six-month restriction, which spanned from 1 November 2023 to 30 April 2024, on DBS Bank’s non-essential activities aimed at improving the resilience of its digital services.
The restriction followed multiple incidents in 2023 that prompted a comprehensive review and subsequent actions to enhance system stability.
In November last year, DBS had outlined a comprehensive roadmap to improve its technology resiliency and had committed a special budget of S$ 80 million to enhance its system resiliency.
MAS had even acknowledged improvements made by DBS but decided to continue applying a heightened scrutiny level, maintaining a higher risk-weight multiplier of 1.8 times on the bank’s operations.
The regulator said that it will only lift the multiplier when satisfied with DBS’ ability to maintain service reliability.
In response to the disruptions, DBS had previously imposed a 30 percent pay cut amounting to S$4.14 million (US$3.08 million) on its CEO Piyush Gupta and a collective pay reduction of 21% for its management committee as they were held accountable for the prolonged and repeated disruptions.
The bank or MAS have yet to release an official statement on the matter.
