Singapore Set to Direct Largest Bank DBS to Fix "Unacceptable" Online Outages

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Singapore Set to Direct Largest Bank DBS to Fix "Unacceptable" Online Outages

Bloomberg2023-11-01

MAS to elaborate this week on next steps, hold DBS accountableCountry’s biggest lender has had spate of digital disruptionsSingapore’s financial regulator is set to direct DBS Group Holdings Ltd. to ...

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The continued disruptions — with at least five this year — have led some analysts to raise the prospect of more severe punishments such as fines. Already, MAS has penalized DBS by raising its capital requirements twice in over a year.Singapore requires banks to ensure any unscheduled outages that affect their operations or customer services not exceed four hours within a one-year period.A Oct. 14 weekend outage left DBS customers unable to access multiple services including online banking and ATM cash withdrawals. The disruption, that also affected Citigroup Inc.’s local unit, comes on the heels of similar episodes that DBS has so far struggled to fix.After the mid-October disruption, MAS ordered DBS and Citi to conduct a thorough investigation on why they were not able to recover their systems within the required time-frame. While the outage had occurred due to a technical issue at an Equinix Inc. data center used by the lenders, MAS said it expects banks to have contractual agreements with data center providers that incorporate its requirements on system availability.At DBS’s annual meeting for shareholders in March, both Chairman Peter Seah and Chief Executive Officer Piyush Gupta apologized for the inconvenience caused following a lengthy disruption that month. Gupta in May called the bank’s infrastructure “robust.”“There are some bank-specific issues they need to address and they are on top of it,” Menon said. “They will do it and we will hold them accountable.”Data released in April showed that the seven banks considered to be systematically important to Singapore — which includes DBS and Citi — have reported 17 disruptions that lasted over an hour to their digital banking services since 2018.Menon said that despite the visibility of DBS’s outages, he did not see this as a systemic issue affecting the whole financial system. “It’s not as if the entire banking system is prone to outages,” he said. “If you look across the banking system, I don’t think we have a problem.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}