It ensures that the city’s largest bank stays sharply focused on enhancing digital banking resilience.
DBS’ repeated disruptions, totalling at least five this year, prompted analysts to suggest the possibility of heavier penalties.
“The frequency of outages is unacceptable, the slowness in recoverability is unacceptable,” Ravi Menon, MAS’ managing director said in an earlier Oct 27 interview with Bloomberg News. DBS’ stock has lost 2.6% this year through Wednesday’s close, compared with a 2.7% loss on the Bloomberg Asia Pacific Banks Index and 5.4% drop in Singapore’s benchmark Straits Times Index.
After the mid-October disruption, MAS ordered DBS and Citi to conduct a thorough investigation on why they were not able to recover their systems within the required time-frame.
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