DBS has been barred from new business venture acquisitions for six months after repeated disruptions to its services in 2023 so far. — AFP picSINGAPORE, Nov 1 — DBS bank has been barred from acquiring new business ventures by the Monetary Authority of Singapore and instructed not to reduce the size of its branch and automated teller machines networks in Singapore.
Several shortcomings were later identified, namely on the bank’s system resilience, incident management, change management and technology risk governance and oversight. It added: “In line with MAS’ expectations, DBS will hold senior management accountable for the lapses and the board will enhance its governance approach to oversee implementation of the roadmap.
DBS will take up to 24 months to put in place the planned structural changes to improve the resilience of its digital banking services, MAS said. He said: “The board apologises for the digital banking disruptions. When customers bank with us, they expect to be able to access our banking services conveniently, and at any time of the day.