MAS said it directed DBS to suspend all changes to its IT systems, except for those related to security, regulatory compliance and risk management.
The bank experienced major disruptions to its banking services on March 29, May 5, Sept 26, as well as Oct 14 and 20. The Oct 14 outage lasted 12 hours, affecting the bank's digital services and automated teller machines . DBS currently has an additional capital requirement of about $1.6 billion, which MAS imposed in May. This followed a disruption to the bank's digital banking and ATM services on May 5, which was preceded by a widespread disruption on March 29.
"In the meantime, it is possible that disruptions may still occur. In such situations, MAS expects DBS Bank to promptly recover its services and communicate to its customers in a clear and timely manner," MAS said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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).
Source: asiaonecom - 🏆 10. / 59 Read more »
MAS suspends DBS from new business ventures, reducing branch and ATM networks over disruptionsMAS said it will review DBS' progress after 6 months and decide if further action is needed. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »
Service outages: MAS bars DBS from acquiring new business ventures, reducing branch and ATM network sizes for 6 monthsSINGAPORE — 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.
Source: TODAYonline - 🏆 1. / 99 Read more »