MAS Ensures DBS Addresses Root Causes of Recent Online Banking Disruptions

MAS Ensures DBS Addresses Root Causes of Recent Online Banking Disruptions

by May 8, 2024

The Monetary Authority of Singapore (MAS) has intensified its oversight of DBS Bank following repeated disruptions to its online banking and payment services.

The regulator is ensuring that DBS addresses these issues effectively, as reported by The Straits Times.

Despite ongoing remedial efforts to rectify issues from 2023 disruptions, DBS and POSB’s online services faced another outage on 2 May.

An MAS spokesperson highlighted that DBS had shown progress in addressing past issues, but the remediation plan remains incomplete, with further implementation needed.

The recent disturbances occurred two days after MAS lifted a six-month suspension of non-essential activities for DBS on 30 April, which had been imposed to allow the bank to concentrate on fixing its service vulnerabilities. MAS continues to closely monitor the bank’s implementation of these measures.

On 5 May 2023, in response to the disruptions, MAS imposed additional capital requirements amounting to approximately S$1.6 billion on DBS.

These requirements will remain in effect until DBS demonstrates it can effectively manage and maintain service reliability.

Although the latest service disruption was resolved more quickly compared to those in 2023, the root cause of the 2 May outage remains unidentified.

DBS