THE Monetary Authority of Singapore (MAS) said on Tuesday (May 7) that it was “following up” with DBS : D05 0% over the root cause of a disruption to the bank’s digital services on May 2.
The bank’s customers could not log in to their PayLah! or digibank apps for about two hours that day. The disruption came two days after MAS lifted the six-month pause on non-essential activities that it had imposed on the bank.
“MAS is closely monitoring DBS Bank’s progress on the remaining deliverables and the effectiveness of the measures implemented,” an MAS spokesperson said.
The spokesperson added that while DBS had made substantive progress to address shortcomings that led to the service disruptions in 2023, the bank’s remediation plan had not been completed, and implementation of the measures was still ongoing.
“The multiplier of 1.8 times to DBS Bank’s risk-weighted assets for operational risk remains, and will be lifted when MAS is satisfied that the bank has demonstrated the ability to maintain service availability and reliability, and handle any disruptions effectively,” said the spokesperson.
MAS did not respond to queries of why the pause on non-essential activities was initially set at six months, or whether it would reimpose the pause on such activities on the bank.
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The bank experienced at least four digital banking service disruptions in the last year.
DBS rose 0.2 per cent or S$0.08 to S$35.89 as at 3.26pm on Tuesday.
