The six-month pause was imposed in November last year after repeated banking service disruptions.
An error message on a DBS ATM at Central Mall on Oct 14, 2023."The six-month pause on DBS Bank’s non-essential activities was to ensure that the bank kept a sharp focus on restoring the resilience of its digital banking services," said MAS.
On Tuesday, the authority noted that DBS has made"substantive progress" to address the shortcomings identified from the service disruptions last year, even while full implementation of its remediation plan is ongoing. "DBS has committed to prioritise resources and dedicate management attention to complete the outstanding remediation measures.""In the event of service disruptions, MAS expects DBS to promptly recover its services and communicate to its customers in a clear and timely manner," it said.
"They include continued simplification and strengthening of the bank’s systems architecture; building deeper expertise in centres of excellence for critical third-party technologies; broadening the use of artificial intelligence to further strengthen change management; and creating more monitoring tools so as to be able to detect potential issues more quickly," DBS said in a statement.
Monetary Authority Of Singapore
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