March 31, 2023, 07:26 PM
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During its Annual General Meeting (AGM) on Mar. 31, 2023, DBS Bank apologised to its shareholders and customers for the disruptions to its digital banking services.
According to The Straits Times (ST), Chief Executive Officer, Piyush Gupta, stated that the disruptions have been "sobering" for DBS Bank.
This is the second disruption the bank has faced in 16 months.
A similar incident occurred in November 2021.
"As such a well known digital and technology bank, this embarrasses us. We are committed to doing better," Piyush said.
ST reported that Piyush added that DBS Bank's key priority is ensuring uninterrupted digital banking services, and "unfortunately, we fell short of it and are truly sorry".
PayLah, DBS and POSB online banking went down on Mar. 29
On the morning of Mar. 29, 2023, DBS Bank's online banking services were unavailable.
DBS Bank announced in a Facebook post at 9:20 am that access to its digital services was "currently unavailable".
Many users were unable to access the DBS and POSB online banking apps and the PayLah! app.
By 5:45 pm that same day, DBS Bank updated their Facebook post that their digital services had returned to normal.
In the aftermath, the Monetary Authority of Singapore (MAS) called the recent disruption "unacceptable" and will take "supervisory actions".
Committed to doing better
Piyush also announced during the AGM that DBS Bank would set up a special board committee to look into the cause of the disruptions, ST stated.
He also disclosed that a thorough review of the incident is underway. However, it is still too early to figure out the exact problem, ST reported.
The committee will include board members and external experts with "broad and deep experience in overseeing large-scale IT systems and operations" to work with the committee.
Piyush added that the bank's management would provide the necessary support to the special board committee, said ST.
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