CECA DBS Bank service outage 'unacceptable', says Useless Monetary Authority of Sinkapore

[SBFNews]

DBS service outage 'unacceptable', says MAS​

The bank has "fallen short" of expectations, adds the Monetary Authority of Singapore.

File photo of the DBS building in Singapore on Aug 5, 2015. (File photo: AFP/Roslan Rahman)
29 Mar 2023 10:09PM (Updated: 29 Mar 2023 10:27PM)

www.channelnewsasia.com

MAS noted that services have since returned to normal with the bank monitoring the situation.
"Today’s disruption of DBS’ digital services is unacceptable," said MAS, pointing out that this came after a similar incident in November 2021.
The bank has "fallen short" of MAS' expectations to maintain "high system availability and ensure its IT systems are recovered expeditiously", said a spokesperson.
Adding that MAS "takes seriously the reliability of banks’ critical IT systems", the spokesperson 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 against DBS after gathering the necessary facts."
DBS' chief executive officer Piyush Gupta said in a statement late on Wednesday night that the bank was "disappointed" that the disruption occurred.
"We hold ourselves to higher standards and it is our utmost priority to review the events of today," he said.
"We acknowledge the gravity of the situation, appreciate our customers' understanding and deeply regret the inconvenience caused."
In November 2021, DBS' digital banking services were disrupted for two days.
MAS deemed it a "serious" incident and imposed additional capital requirements on DBS, which had to apply a multiplier of 1.5 times to its risk-weighted assets for operational risk.
That translated to S$930 million in additional regulatory capital, based on the bank's reported financial statements as at September 2021.

 

[borom]

CEO still getting millions and higher salary each year , long live CECA

 

[A Singaporean]

Get rid of all the fucking CECAs in the organisation.

 

[eatshitndie]

diam diam boh service.

 

[ODACHEK]

CECA will forgive CECA....case closed, moving on....

 

[batman1]

Long Live CECA !!!

 

[Patriotmissile]

Also, why public escalators at MRTs or malls have to be serviced during the day? Sometimes during peak hours?

 

[batman1]

Also, why public escalators at MRTs or malls have to be serviced during the day? Sometimes during peak hours?

So as to let the people know they are doing their job diligently.

 

[ODACHEK]

Also, why public escalators at MRTs or malls have to be serviced during the day? Sometimes during peak hours?

Becos lazy PAP gov promoting 4-day work week, cultivating lazy workers dun want to work late nights.

 

[tobelightlight]

This would not have happened if the ceo is a native Singaporean.

 

[NanoRay]

Next thing, CECA will infiltrate MAS, then everything will soon be acceptable.

 

[eatshitndie]

This would not have happened if the ceo is a native Singaporean.

if they parachute an saf scholar like nyc sure to prepare for sale.

 

[face the facts]

unacceptable? so sack all the fucking CECAs?
that is quite acceptable to all of us here actually

 

[laksaboy]

Should have retained the pre-DBS era POSB Bank, which existed alongside Tat Lee Bank.

But no, you chose globalism, forced the mergers of some local banks, and brought in Citibank and other foreign banks.

 

[laksaboy]

So as to let the people know they are doing their job diligently.

 

[laksaboy]

Also, why public escalators at MRTs or malls have to be serviced during the day? Sometimes during peak hours?

By the way, about 90% of all the Sentosa Boardwalk travellators are 'under repair' on any random weekend afternoon.

'Panoramic stroll' indeed. Should have retained the ferry terminal.

 

[millim6868]

U put all ceca there,tgats the problem,open leg policy , still thinking how many are actually not cheating,lol

 

[Balls2U]

John Tan very quiet. His beloved bank fucked up big time.

 

[nightsafari]

ever see how india is run? business, gahmen, any part will do.

Now put them in charge of stuff in Singapore. Is it any surprise when shit like this happens?

 

[blackmondy]

So any punishment for DBAss? Or is it just a simple gesture of displeasure from MAS?