DBS Group Holdings Ltd. suffered renewed disruptions to online banking and payment services in Singapore on Thursday, days after the tip of a six-month ban imposed by the island’s central bank over similar glitches.
“We are aware that our customers are having issues with DBS/POSB digibank Online and Mobile, DBS PayLah!” – the lender announced in an announcement on Facebook. “We have identified the problem and initiated actions to restore services.”
The disruptions got here two days after Singapore’s financial regulator announced the tip of a six-month ban on non-essential business activities imposed on the country’s largest bank.
While the Monetary Authority of Singapore has imposed penalties on DBS, including higher capital requirements totaling A$1.6 billion ($1.2 billion) for similar service disruptions from 2022, the regulator’s actions last yr, including a ban, were probably the most rigorous so far.
DBS individually reduced CEO Piyush Gupta’s remuneration by A$4.1 million in 2023 because of the shutdowns.
MAS lifted the ban this week, citing improvements and progress in addressing shortcomings. Earlier on Thursday, the lender posted better-than-expected results due to strong loan and property fees, sending its shares up 1.9% on the close. This raised DBS’s market capitalization to S$101 billion, making it the primary Singapore-listed company to cross this threshold.
As of around 5:40 p.m. local time, there was a rise in complaints about recent service disruptions on Downdetector, an internet site that tracks web outages.
DBS said customers can proceed to make use of their credit and debit cards to make payments, while urging high-net-worth customers to contact their relationship managers to finish the transaction.
