Singapore Set to Direct Largest Bank DBS to Fix Unacceptable Online Outages bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Singapore’s financial regulator barred DBS Group Holdings Ltd. from acquiring new business ventures or reducing the size of its local branch and ATM networks for six months, as it steps up efforts to get the lender to resolve a spate of digital banking service outages.Most Read from BloombergImmigrants Are Leaving Canada at Faster Pace, Study ShowsIsrael Latest: Blinken Returning to Israel; Refugee Camp HitReal Estate Industry Takes Fresh Hit With Verdict on CommissionsSaudi Force
SINGAPORE - For six months, DBS Bank will have to suspend non-essential changes to its IT systems, and will not be allowed to take on new business ventures, the Monetary Authority of Singapore (MAS) said on Wednesday (Nov 1). MAS said it directed DBS to suspend all changes to its IT systems, except for those related to security, regulatory compliance.
Singapore central bank penalises DBS for service outages macaubusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macaubusiness.com Daily Mail and Mail on Sunday newspapers.
"As an acknowledgement that the bank could have done better, senior management will be held accountable, and this will be reflected in their compensation,” says DBS chairman Peter Seah.