SINGAPORE – A disruption to DBS Bank’s digital banking and ATM services on Friday and an earlier widespread disruption on March 29 mean the additional capital requirement it must set aside now stands at about $1.6 billion. The Monetary Authority of Singapore (MAS), in a statement on Friday night, said the capital requirement takes into account the one imposed in...
DBS will also need to apply a multiplier of 1.8 times to its risk-weighted assets for operational risk, up from the 1.5 times multiplier previously applied in 2022. ST PHOTO: LIM YAOHUI
MAS added that DBS Bank will now need to apply a multiplier of 1.8 times to its risk-weighted assets for operational risk, up from the 1.5 times multiplier previously applied in 2022, after it suffered its worst outage in more than a decade in November 2021. The statement said: “MAS had then directed DBS Bank to conduct a comprehensive review, including an assessment of the adequacy of management oversight, staff competencies, operational processes, system resiliency, and architecture design for its digital banking services.”
Ms Ho Hern Shin, who is MAS deputy managing director of financial supervision, said in the statement that DBS Bank had fallen short of the central bank’s expectations for banks to deliver reliable services to their customers.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DBS digibank services, including Paylah! disrupted again; second time in 2 monthsSINGAPORE – Thousands of DBS Bank customers in Singapore on Friday (May 5) said they were unable to use DBS digibank online and mobile services for about an hour from around 12.30pm. DBS’ digital banking services, as well as physical ATMs, were said to be down. In a statement issued at 2.40pm on Friday, DBS said its digital systems returned...
Read more »
MAS ups DBS' additional capital requirement to S$1.6 billion after successive disruptionsSINGAPORE — The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement on DBS Bank in the wake of two successive service disruptions in the space of just over a month.
Read more »
MAS ups DBS' additional capital requirement to S$1.6 billion after successive disruptionsSINGAPORE: The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement on DBS Bank in the wake of two successive service disruptions in the space of just over a month. Online banking and ATM services by Singapore's largest lender were
Read more »
MAS ups DBS' additional capital requirement to S$1.6b after successive disruptionsSINGAPORE — The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement on DBS Bank in the wake of two successive service disruptions in the space of just over a month.
Read more »
DBS online services down for nearly an hour; second disruption in under 2 monthsThousands of DBS Bank customers in Singapore said on Friday they were unable to use DBS digibank online and mobile services for about an hour from around 12.30pm. DBS’ digital banking services, as well as physical ATMs, were said to be down. Complaints on the...
Read more »
MAS hikes DBS' additional capital requirement to hefty $1.6 billion after latest 'unacceptable' service outage - Singapore News“DBS Bank has fallen short of MAS’ expectations for banks to deliver reliable services to their customers. The repeated inconvenience caused to the public is unacceptable.' — Monetary Authority of Singapore
Read more »