Singapore’s MAS asks DBS to identify cause of outages, ST says

Singapore’s regulator has asked DBS Group Holdings Ltd. to figure out the root cause of recent disruptions to its internet banking and payment services and deal with it effectively, the Straits Times reported, citing a Monetary Authority of Singapore spokesperson.

DBS online-banking services went down on May 2 after several outages in 2023, days after a six-month ban by the city-state’s central bank over similar glitches ended. 

While the lender has made “substantive progress” to address shortcomings from disruptions that occurred last year, the remediation plan by DBS “has not been completed and implementation is still ongoing,” the MAS spokesperson told the local newspaper. MAS is closely monitoring DBS’s progress, they added.

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