MAS will consider ‘appropriate supervisory actions’ after DBS’ investigation into service disruption

“MAS has been following up closely with the bank since then,” mentioned Mr Lim. “MAS agrees with DBS that the priority should be to fully restore its services and minimise inconvenience to customers.”  He added that the authority expects all monetary establishments “to have systems and processes to ensure the consistent availability of financial services to their customers”. On Wednesday afternoon, DBS Singapore nation head Shee Tse Koon apologised in a video on the financial institution’s web site and varied social media pages.  He mentioned the financial institution recognized an issue with its entry management servers on Tuesday and has been working “round the clock” with third-party engineering suppliers to repair the problem. “In the meantime, I want to assure you that your deposits and monies are safe,” Mr Shee mentioned, including that clients can entry banking providers at DBS branches or by cellphone banking. DBS has additionally prolonged banking providers in any respect its branches by two hours to facilitate this.  The financial institution denied what it described as “rumours” that the service disruption was linked to the sale of treasury bonds by Myanmar’s National Unity Government (NUG). “There is no truth to this. DBS has not sold any such bonds,” the financial institution tweeted at about 3.30pm.

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