MAS will consider 'appropriate supervisory actions' after DBS' investigation into service disruption
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Wednesday (Nov 24) that it will consider "appropriate supervisory actions" following the disruption of DBS Bank's digital services that has lasted about two days.
"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," said MAS' assistant managing director (banking and insurance) Marcus Lim.
"MAS will consider appropriate supervisory actions following the investigation."
The disruption of DBS and POSB digital banking services started on Tuesday morning, when many customers reported that they were unable to access the banks' online services.
Earlier on Wednesday, DBS said that services were restored in the morning, but later recurred.
MAS said it was informed by DBS about "a problem with its access control servers" that resulted in customers experiencing difficulties logging on to its digital banking services.
"MAS has been following up closely with the bank since then," said Mr Lim. "MAS agrees with DBS that the priority should be to fully restore its services and minimise inconvenience to customers."
He added that the authority expects all financial institutions "to have systems and processes to ensure the consistent availability of financial services to their customers".
On Wednesday afternoon, DBS Singapore country head Shee Tse Koon apologised in a video on the bank's website and various social media pages.
He said the bank identified a problem with its access control servers on Tuesday and has been working "round the clock" with third-party engineering providers to fix the issue.
"In the meantime, I want to assure you that your deposits and monies are safe," Mr Shee said, adding that customers can access banking services at DBS branches or through phone banking.
DBS has also extended banking services at all its branches by two hours to facilitate this.
The bank denied what it described as "rumours" that the service disruption was linked to the sale of treasury bonds by Myanmar's National Unity Government (NUG).
"There is no truth to this. DBS has not sold any such bonds," the bank tweeted at about 3.30pm.