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DBS, POSB internet banking services down for some, two days after MAS’s suspension was lifted

Jovi Ho
Jovi Ho • 2 min read
DBS, POSB internet banking services down for some, two days after MAS’s suspension was lifted
The evening disruption comes just hours after DBS announced yet another record net profit of $2.96 billion for the 1QFY2024 ended March 31, 15% higher y-o-y and 24% higher q-o-q. Photo: Bloomberg
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DBS and POSB internet banking and payment services are currently down for some users. As of 6.45pm, some users are unable to log in via the DBS digibank and PayLah! apps. Instead, a notice on the app reads: “Access to digital services is currently unavailable. We are resolving the issue and will update as soon as services are recovered.”

According to the Downdetector website, users began reporting disruptions at about 5.45pm on May 2.

The disruption comes two days after the end of a six-month pause on non-essential activities imposed on DBS Bank by the Monetary Authority of Singapore (MAS). Following a series of disruptions to DBS’s digital banking services last year, MAS had barred Singapore’s largest bank by deposits from acquiring new businesses between Nov 1, 2023 and April 30 this year.

MAS announced on April 30 that it will not extend the pause, saying DBS Bank has made “substantive progress” to address the shortcomings identified from service disruptions experienced by its customers in 2023. 

“Improvements have been made to its technology risk governance, system resilience, change management and incident management,” said MAS. 

See also: DBS’s six-month pause on new business ventures ends today, but additional capital requirement to stay

That said, MAS opted to keep the 1.8 times to DBS Bank’s risk-weighted assets for operational risk. MAS imposed this penalty in May 2023, up from the 1.5 times that was implemented in February 2022.

MAS said it will only lift the multiplier of 1.8 times when it is satisfied that DBS has “demonstrated the ability to maintain service availability and reliability, and handle any disruptions effectively”.

See also: DBS hits milestone $100 billion cap on record 1QFY2024, Fed stance

Earlier this year, the bank announced that its CEO Piyush Gupta had his FY2023 pay cut by around 27% y-o-y to $11.23 million, a decision by DBS’s board to signal his responsibility for the disruptions.

On April 30, Gupta said the pause has allowed DBS to reflect on areas for improvement. “In the months ahead, we will continue to prioritise resources to strengthen technology resiliency. We will also dedicate management attention to ensuring that our efforts have sustained effectiveness.”

The evening disruption comes just hours after DBS announced yet another record net profit of $2.96 billion for 1QFY2024 ended March 31, 15% higher y-o-y and 24% higher q-o-q.

Following the release of its results early May 2 morning, DBS’s shares rallied, pushing the bank’s market cap to $100 billion for the first time. 

Shares in DBS closed 65 cents higher, or 1.86% up, at $35.50.

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