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

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SINGAPORE — DBS Bank has been barred from acquiring new business ventures by the Monetary Authority of Singapore (MAS), and also instructed not to reduce the size of its branch and automated teller machines (ATM) networks in Singapore.

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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