DBS CEO, previously embarrassed by disruptions in March, apologises for May outage
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.