The Monetary Authority of Singapore (MAS) has termed the disruption of DBS’ digital services on Wednesday as “unacceptable” coming a year after a similar incident in November 2021.
Online banking services for DBS and POSB were down for more than 12 hours on Wednesday.
In a statement late in the day DBS’ CEO Piyush Gupta said the bank was “disappointed” that many of its customers were affected by the outage.
“We acknowledge the gravity of the situation, appreciate our customers' understanding, and deeply regret the inconvenience caused," he said.
In a Facebook post at 7.30 pm on Wednesday, the bank said all services had been restored.
MAS in its statement said the bank notified the statutory authority on Wednesday morning that its customers were experiencing difficulties logging in to its digital banking services.
Stating that it takes seriously the reliability of banks’ critical IT systems, MAS said it had been in close contact with DBS to ensure expedited recovery of its digital services and timely communications to customers on the disruption.
In a strongly worded statement, MAS said DBS has fallen short of MAS’ expectations to maintain high system availability and ensure its IT systems are recovered expeditiously.
“We note the bank has since resumed normal digital banking services and is monitoring the situation”, MAS said.
MAS has instructed DBS to conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS.
“MAS will take the commensurate supervisory actions after gathering the necessary facts,” it added.
