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Monday, November 29, 2021

MAS CONSIDERING TAKING ACTION AGAINST DBS FOR I-BANKING FAILURE

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The Monetary Authority of Singapore (MAS) is considering taking actions against DBS Bank following the disruption to DBS’ digital banking services.

MAS called the disruption serious and will let DBS conduct a thorough investigation before taking action.

Serious disruption

MAS says that they expect all financial institutions to have systems and processes to make sure financial services are made available consistently to customers.

They added that the disruption is serious and will consider taking supervisory action once DBS finishes with their investigation into the root cause and remedies the situation.

No need to panic

Singapore’s Country Head of DBS, Shee Tse Koon, appeared in a Facebook video assuring people that their monies were safe, while the disruption was happening.

Customers were told that they could still use phone banking and physical banking services.

Recap

Images source: Google Maps

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