Singapore's MAS prohibits DBS from acquiring new business ventures for six months following repeated services disruptions
01 Nov 2023, 08:51 pm
DBS will also be setting aside a special budget of S$80 million to enhance system resiliency.
“With the incidents of the past year, we have failed to live up to these expectations, and have also fallen short of our own standards,” — DBS chairman
SINGAPORE (Nov 1): The Monetary Authority of Singapore (MAS) has imposed a six-month pause on DBS Bank’s non-essential information technology changes to ensure that the bank keeps sharp focus on restoring the resilience of its digital banking services.
The bank will not be allowed to acquire new business ventures during this period, or reduce the size of its branch and ATM networks in Singapore.
The actions were taken following the repeated and prolonged disruptions of DBS’ banking services this year...(click here for the full story on theedgesingapore.com).
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