DBS’ suffers digital bank service glitch; MAS mulls taking supervisory action

DBS Country Head Shee Tse Koon has apologised for the disruptions.

DBS’ online banking services have faced disruptions for two days, pushing the Monetary Authority of Singapore (MAS) to consider taking supervisory action on the bank.

Users of DBS’ digital banking services reported issues in accessing their accounts online.

DBS Singapore Country Head Shee Tse Koon apologised in a video statement released on 24 November and revealed that they identified a problem with the bank’s access control servers. On the first day of disruptions, the bank restored services by 2 AM.

“Unfortunately this morning, the same problem recurred and while the situation is less severe than yesterday, we know that many of you are still unable to get access,” Shee said.

He assured users that their deposits and monies are safe and that they can continue with their banking needs either through branch banking or through phone banking. 

Local regulator MAS said in a statement that it will consider taking the “necessary supervisory actions” regarding the tech glitch.

"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 Marcus Lim, assistant managing director, banking and insurance, MAS.

"MAS will consider appropriate supervisory actions following the investigation,” Lim further said in a statement.

Official regulation states that financial institutions (FI) must ensure that the maximum downtime for each critical system does not exceed 4 hours within any 12 month period. MAS defines critical systems as a system whose failure would cause “significant disruption” to the operations of the FI or materially impact customers of the FI.

In the statement, Lim said that MAS “has been following up closely with the bank” since DBS informed them about a problem in the access control servers. 

"MAS agrees with DBS that the priority should be to fully restore its services and minimise inconvenience to customers,” he added.

Lim said that MAS expects all financial institutions to have systems and processes in place “to ensure the consistent availability of financial services to their customers.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

He rejoins Maybank from RHB, where he served as group managing director.
Muenkel was ING’s head of APAC for sustainable finance and GCM.
DBS will pay Citi in cash for the net assets plus a premium of S$956m.
The new Maybank2u SG (Lite) app offers e-angbao gifting and other money management features.
Capital will be used to develop cross-border services and push sustainability strategy.
Twenty banks are already live and have access to 24/7 real-time credit transfers.
All accounts under UCPB will be transferred under Landbank.
The public is urged to examine banknotes carefully after using a machine.
The second phase of the test will be carried out until 22 June.
OJK clarified that supervision of crypto is under Babbepti and the Ministry of Trade.
Strong anti-COVID measures allowed the market to reduce the pandemic’s impact.
The rate of their bad loans has hovered around 10% to 10.5%.
Darren Beatty has worked for the institutional banking teams of Westpac and CBA. 
Inconveniences in overseas travelling may reportedly turn away much-needed talent.