MAS suspends DBS from new business ventures, reducing branch and ATM networks over disruptions

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MAS said it will review DBS' progress after 6 months and decide if further action is needed. Read more at straitstimes.com.

SINGAPORE – 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, said the Monetary Authority of Singapore on Wednesday.

The pause imposed by the regulatory body on the Republic’s largest bank comes after a series of disruptions to its services throughout the year. MAS will review DBS’ progress at the end of six months, and may extend the duration of the measures, vary the additional capital requirement currently imposed, or take further action.This followed the disruption to the bank’s digital banking and ATM services on May 5, which was preceded byMAS said it will take up to 24 months for DBS to execute the planned changes to improve the resilience of its digital banking services.

 

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