DBS Bank’s 6.5-hour disruption to digital banking and ATM services on 5 May was caused by human error in coding the maintenance program, according to Senior Minister Tharman Shanmugaratnam. The Monetary Authority of Singapore (MAS) has stated publicly that it regards this second disruption within a period of two months as unacceptable, and that DBS had fallen short of MAS’ expectation for banks to deliver reliable services to their customers.
DBS and POSB Bank customers in Singapore experienced service disruptions on 5 May, marking the second major outage in two months. Many were unable to access online and mobile banking services, and numerous ATMs were non-operational. DBS CEO Piyush Gupta apologized and assured that a Special Board Committee is overseeing a full review of the bank’s IT resiliency to prevent future disruptions. He had previously said he felt embarrassed during the bank’s Annual General Meeting (AGM), two days after the March’s disruption. The Monetary Authority of Singapore called the incidents “unacceptable” and imposed an additional capital requirement on DBS Bank.
The Monetary Authority of Singapore (MAS) imposed an additional S$1.6 billion capital requirement on DBS Bank following repeated service disruptions in March and May 2023. MAS directed DBS to improve its system resiliency and recoverability, while the bank’s CEO apologized for the outages and committed to implementing recommendations from a comprehensive review.
DBS and POSB Bank customers in Singapore experienced service disruptions today, as digital banking services and ATMs were reportedly down. This marks the second time in two months that the banks’ digital services have faced significant outages. Customers criticized the bank’s response, questioning why systems had not been upgraded to handle increased traffic.
DBS CEO Piyush Gupta felt embarrassed at the Annual General Meeting due to the bank’s digital banking service disruption for the second time in 16 months. DBS Chairman Peter Seah also apologized to shareholders and convened a special board committee to investigate the incident. The Monetary Authority of Singapore has condemned DBS for its reliability and said it would take supervisory actions after gathering facts. Gupta’s total pay for last year increased by 13.2% to S$15.4 million, including club, car, and driver benefits, according to the bank’s annual report released last month. Ironically, in the report, Gupta said that DBS needs to continue strengthening its technology in areas such as site reliability engineering.
Monetary Authority of Singapore (MAS) issued a statement regarding the recent disruption of digital services by DBS on Wednesday (29 Mar), saying that it is unacceptable and that it will take the commensurate supervisory actions after assessing the facts. The Singapore financial regulator shared that DBS notified the agency early on Wednesday morning that its customers were experiencing difficulties logging on to its digital banking services. The outage lasted most of the day and only came back online in the evening.