MAS closely monitoring’ DBS as it identifies root cause of outages

May 2 disruptions took place with bank still working on plan to address 2023’s incidents

- Angela Tan

The Monetary Authority of Singapore (MAS) is following up with DBS Bank to ensure that it identifies the root cause of recent disruptions to its internet banking and payment services, and addresses it effectively.

Following several outages in 2023, DBS and POSB online banking services were down again on May 2.

The latest outages took place even as a remediation plan to identify and rectify the cause of disruptions that took place in 2023 is still ongoing.

"While DBS Bank had made substantive progress to address the shortcomings identified from service disruptions experienced by its customers in 2023, the remediation plan by DBS Bank has not been completed and implementation is still ongoing," an MAS spokesperson told The Straits Times on May 7.