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.
Singapore to amend GST Act after Govt agencies’ errors in fee charges
Leong Mun Wai advocates for public asset disclosure among key office holders
Hazel Poa: Majority relying on Govt grants for living costs signals unhealthy situation
Man set himself on fire at Israeli Embassy in Washington protesting Gaza genocide
A calculated exit? Leong’s strategic resignation unpacked
M’sian ex-lawyer speaks out for Singaporean parents over MOE’s controversial CCE lesson
S’porean streamer Kiaraakitty admits staging egg attack in Taiwan
Netizens scrutinise MOE’s approaches to address Gaza conflict in CCE lesson
Chan Chun Sing limits his Instagram comments amid MOE’s Israel-Hamas education backlash
Chan Chun Sing: MOE’s Israel-Hamas education to foster multiracial cohesion reflection
HK-born Singaporean businessman designated Politically Significant Person under FICA
Prabowo-Gibran coalition begins cabinet planning with involvement of Jokowi
Politics4 days ago
Leong Mun Wai steps down as PSP Secretary-General over POFMA directive received
Featured2 weeks ago
PA surveys community & govt confidence amid pending general election
Singapore3 days ago
Gilbert Goh challenges MOE on Israel-Hamas classroom narrative
Comments2 weeks ago
PAP Marcus Loh accuses WP’s MP of alleged dishonesty on debate about reserves
Civil Society2 weeks ago
Singaporeans stand firm in support for Palestine amidst police scrutiny
Singapore1 week ago
Kenneth Jeyaretnam issued 6th POFMA direction over Ridout Road saga
Civil Society2 weeks ago
At least 9 individuals summoned by police over Palestine solidarity activities on 2 Feb
Community2 weeks ago
Connectivity struggles in Tengah town prompt online user discussion