Saturday, 15 June 2024

MAS will not extend 6-month pause on DBS's non-essential activities

5 min read

The Monetary Authority of Singapore (MAS) announced that it will not be extending the pause imposed on DBS Bank from 1 November 2023 to 30 April 2024, but will retain the multiplier of 1.8 times to the bank’s risk weighted assets for operational risk.

The six-month pause on DBS Bank’s non-essential activities was to ensure that the bank kept a sharp focus on restoring the resilience of its digital banking services. While full implementation of the remediation plan is still ongoing, MAS noted that DBS 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.

The remediation by DBS will continue with some longer-term measures still being worked on, such as the continued simplification and strengthening of the bank’s systems architecture. DBS has committed to prioritise resources and dedicate management attention to complete the outstanding remediation measures.

MAS will closely monitor the bank’s progress on the remaining deliverables and the effectiveness of the measures implemented. In the event of service disruptions, MAS expects DBS to promptly recover its services and communicate to its customers in a clear and timely manner. The multiplier of 1.8 times will be lifted when MAS is satisfied that DBS has demonstrated the ability to maintain service availability and reliability, and handle any disruptions effectively.

Re-disseminated by The Asian Banker

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