Singapore's MAS asks DBS to identify reasons for disruptions, The Strait Times reports

FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside/File Photo

SINGAPORE's central bank is following up with DBS Bank, the banking arm of DBS Group, to identify the root cause of recent disruptions to its internet banking and payment services and address it effectively, The Strait Times reported.

Last week, DBS Group said its online and mobile banking services had returned to normal after suffering issues for more than an hour on May 2.

The disruptions came just two days after the Monetary Authority of Singapore (MAS) ended DBS's six-month ban from acquiring new businesses or making non-essential IT changes after the company addressed problems that had disrupted its digital banking services in 2023.

"While DBS Bank had made substantive progress to address the shortcomings identified from service disruptions experienced by its customers in 2023, the remediation plan by DBS Bank has not been completed and implementation is still ongoing," a MAS spokesperson told The Straits Times on Tuesday.

"MAS is closely monitoring DBS Bank's progress on the remaining deliverables and the effectiveness of the measures implemented," the report added. - Reuters