Singapore
DBS Bank experiences disruption in services; Monetary Authority of Singapore to investigate
The Monetary Authority of Singapore (MAS) is probing a disruption to DBS Bank’s PayNow and Fast services last week. The glitch affected many customers, with services restored within a day but account reconciliations completed three days later.
This follows two major DBS service disruptions earlier this year.
SINGAPORE: The Monetary Authority of Singapore (MAS) is collaborating with DBS Bank to investigate the recent disruption to the bank’s PayNow and Fast And Secure Transfers (Fast) services, which impacted a significant number of customers last week.
On Monday, in reply to media inquiries, an MAS spokesman confirmed that DBS had informed them on 26 September about the service interruption affecting numerous users.
Fast, for context, is an electronic system facilitating inter-bank fund transfers.
Although DBS Bank managed to restore services on the same day, the process of reconciliation for the affected transactions and DBS/POSB account remediations was only finalized three days after the incident. Reconciliation ensures that transactions processed have no unauthorized modifications.
The MAS spokesman emphasized the regulator’s expectations, stating, “MAS expects banks to have the ability to recover quickly from any system disruption and to address and resolve the impact to customers swiftly and transparently.”
Furthermore, MAS revealed plans to liaise closely with DBS to comprehend the root cause of the incident and to assess the bank’s management of affected customers and transactions.
26 September wasn’t without challenges for many DBS customers, as they faced delays, among other issues, when using the bank’s PayNow service.
This recent service interruption adds to DBS Bank’s growing list of disruptions this year.
Previously, the bank faced a significant 6½-hour service interruption on 5 May due to human error, and a prolonged 12-hour disruption in March attributed to software bugs.
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I truly do not understand why a commercial entity is forcing it’s customers into digital schemes, when it is not ready itself. MAS as a regulator should not support digital schemes if they are causing loss to customers and are having breakdowns in the system. What is the point of imposing fines for it to be repeated again? It does not solve the problems.
Keep promoting digitalization?
I am very sure they knew of the so many recent scams from moon cakes, during, roasted ducks , etc? tsk tsk tsk .
If I wanted a cup of kopi -o I just give the counter $1. Which is faster paynow or cash? What do you think?
As usual…Lets Move On….
If things happened to opposition parties, the scenario will be different? What do you think?
Disruption again? Sigh….
I miss the good old days, many years ago, when our banking IT systems were managed and handled by foreigners who were (supposedly) adequately competent and qualified.
Oh wait…..
Maybe the software is developed by some cheap contractors in some 3rd world countries so DBS always face problem with their Apps.
And when the system is not up to mark, please don’t force people to go fully digital and seeing many people suffered from it except the very well paid CEO and top C-suites of DBS.
On~ly, … in a village dominated by fishermen, farmers and flippin pap supporters, would DBS have gotten away with banking disruptions in, … March, May and now, October of this year alone !!!
Perhaps in appropriate and apt that it has “Development” in its name !!!
Accept this, with nil expectations, then, … everything will be hunky dory !!!
Same village gang at it?
Or now they engaged the pop group the ‘Village people’ to do their IT?
Same shit in a different day!😆😆😆😆🤣🤣🤣😆😆😆😆
Fiasco after fiasco – F all these shameless bastards playing Sheepgapore, Sheegaporeans as Lego pieces, suka suka dismantle, assemble, dismantle reassemble again. F U.
This sort of news P.Gupta’s name never gets mentioned, hor.