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 will consider "appropriate supervisory actions" following the investigation.

MAS said it was informed by the bank on Tuesday (Nov 23) that a problem with its access control servers has resulted in DBS/POSB customers experiencing difficulties accessing its digital banking services.