SINGAPORE – The disruption of the digital services of Singapore's biggest bank, DBS, on Wednesday (29 March), is "unacceptable", said the Monetary Authority of Singapore (MAS).
In a statement, MAS noted that the disruption comes "a year after a similar incident in November 2021".
"DBS has fallen short of MAS' expectations to maintain high system availability and ensure its IT systems are recovered expeditiously. MAS has instructed DBS to conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS," the central bank said. "MAS will take the commensurate supervisory actions after gathering the necessary facts."
DBS' chief executive Piyush Gupta said on Thursday that the bank is "disappointed that many of our customers were unable to access our digital banking services on 29 March 2023".
"We hold ourselves to higher standards and it is our utmost priority to review the events of today. We acknowledge the gravity of the situation, appreciate our customers' understanding, and deeply regret the inconvenience caused," he added.
Services resumed after day-long outage
Users reported on Wednesday morning that they were unable to log in to the DBS app and also could not use PayLah.
Attempts to log in to the app resulted in "reset pin" prompts, and attempts to log in and pay by DBS PayLah were met with a "service not available" notice.
The day-long outage was resolved around 5.45pm, when the bank issued a statement on its Facebook page announcing that its digital services – DBS/POSB digibank Mobile and Online, DBS PayLah and DBS mTrading – have returned to normal.
The bank extended banking services at all DBS and POSB branches and Treasures Centres by two hours on Wednesday.