Tech

Singapore regulator warns DBS Bank over prolonged service outage

DBS Bank of Singapore was embarrassed on Thursday by the city-state’s ambitions as Southeast Asia’s largest creditor and regional financial center and struggled to control a three-day outage.

DBS customers, who said they are transforming into “digital to the core,” have been struggling to trade on bank websites and mobile apps since Tuesday, the worst service for lenders in the last decade. It has been stopped.

Banks said on Twitter that digital services are “returning to normal,” but customers complain that they’re having problems on Thursday. Singapore regulators have warned lenders about “serious” cases.

“I can’t pay my dbs credit card invoice. It’s better not to charge late fees,” he said. One user said In response to a bank tweet.

DBS is an important part of Singapore’s Monetary Authority’s vision of developing a “smart” financial sector in city-states through the seamless use of technology. The goal, edge For business around Asian financial hubs of rivals in Hong Kong and Tokyo.

Late Wednesday, MAS said it hoped Singapore’s lenders would carry out a “thorough investigation” of the case and would consider taking action against DBS.

“MAS will consider appropriate supervisory measures after the investigation,” said Marcus Slim, MAS’s Assistant Managing Director of Banking and Insurance.

DBS’s Singapore-listed stock fell 1.5% from Tuesday morning.

The DBS was also forced to deny speculation that the turmoil was related to the sale of bonds by Myanmar’s National Unity Government of Myanmar. This is a shadow government founded by supporters of Aung San Suu Kyi, an elected leader of a country defeated by a military coup.

Singapore is Myanmar’s largest source of foreign funding, and many Myanmar investments are made through multinational and foreign companies based in city-states.

“There are rumors that the turmoil in DBS’s digital banking services is related to the sale of government bonds by Myanmar’s National Unity Government of Myanmar. This is not true. DBS has not sold such bonds.” DBS says.

The last equivalent turmoil in banks was in 2010, when a system failure shut down all consumer and business banking services.

The outage will occur as DBS expects to intensify competition with new digital rivals next year.Singapore’s three largest banks (DBS, UOB, OCBC) hold most of the island’s deposit base together, while Singapore was awarded at the end of last year. Digital bank license To an Asian technology company. These included New York-listed games and e-commerce giant Sea, China’s Ant Group, and Southeast Asian superapp Grab.

Since then, incumbent banks have invested more cash to enhance their digital services.

“There’s probably no long-term damage, but it’s an embarrassing blunder just before a new player arrives,” said one financial analyst.



Singapore regulator warns DBS Bank over prolonged service outage Source link Singapore regulator warns DBS Bank over prolonged service outage

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