MAS says DBS digital services outage is 'serious'; analysts expect bank to be fined for 'broad and material' impact
THE Monetary Authority of Singapore (MAS) has called the two-day service disruption at DBS a "serious" one and expects the bank to conduct a thorough investigation to identify the root causes.
"MAS expects all financial institutions to have systems and processes to ensure the consistent availability of financial services to their customers," said Marcus Lim, MAS assistant managing director (banking and insurance), in a statement on Wednesday (Nov 24) evening.
"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."
The regulator…
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Abu Dhabi returns to debt market with new US dollar bond
Ping An profit falls as market declines hurt investment returns
BOJ will hike rates if trend inflation accelerates, says Ueda
Binance’s rivals muscle in on Bitcoin trading around the world
Citi picks Amit Dhawan to head Singapore commercial bank operations
China finance ministry echoes Xi’s call for bond trading at PBOC