Service outages: MAS bars DBS from acquiring new business ventures, reducing branch and ATM network sizes for 6 months

DBS has been barred from new business venture acquisitions for six months after repeated disruptions to its services in 2023 so far

They were unable to access many services provided by the bank, including the ATMs and fund transfers via online payment services PayNow and PayLah!, as well as payments at physical payment terminals such as those in stores and eateries. MAS said on Wednesday: “Following the independent review, DBS has set out a technology resiliency roadmap to address the shortcomings, improve system resilience, and better position the bank to meet future digital banking needs.

“MAS has directed DBS to suspend all changes to the bank’s IT systems except for those related to security, regulatory compliance and risk management for a six-month period. “In the meantime, it is possible that disruptions may still occur. In such situations, MAS expects DBS to promptly recover its services and communicate to its customers in a clear and timely manner,” it added.

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MAS bars DBS from new business acquisitions for 6 months after repeated banking service disruptionsDBS, Singapore’s largest lender, is also required to pause all non-essential IT changes for six months.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

MAS bans DBS from new business ventures, non-essential IT changes for 6 months after disruptionsSINGAPORE - For six months, DBS Bank will have to suspend non-essential changes to its IT systems, and will not be allowed to take on new business ventures, the Monetary Authority of Singapore (MAS) said on Wednesday (Nov 1).
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