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MAS Punishes DBS for Technology Instability

MAS Punishes DBS for Technology Instability

by Starling Insights

Starling Insights Editorial Board

Nov 06, 2023

Observations

MAS Personal Liability & Accountability The Era of Accountability Innovation & Technology Resilience & Culture

The Monetary Authority of Singapore (MAS) has banned DBS Bank from acquiring new business ventures or making "nonessential" IT changes for six months. The move follows several service interruptions at DBS this year, including one in October in which its mobile and online payment services were down for more than half a day.

"DBS must put in place immediate measures to ensure service reliability while it continues to invest in the longer-term efforts to bolster its operational resilience," Ho Hern Shin, Deputy Managing Director of Financial Supervision at MAS, said in a related statement. "We have imposed this six-month pause on the bank to give it the space to take the actions needed to maintain customer trust."

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