A number of users reported difficulties accessing DBS' and POSB's digital banking services, as well as DBS PayLah! on May 2.

In response, a Monetary Authority of Singapore (MAS) spokesperson told Mothership that MAS "is following up" with DBS to ensure it identifies the root cause of the disruption and "addresses it effectively".

DBS still implementing remediation plan

The MAS spokesperson also pointed to a media statement issued by the authority on Apr. 30 in which MAS said it would not be extending the six-month pause it imposed on DBS's non-essential activities.

The pause was imposed on the bank in November 2023 after the bank's customers experienced "repeated and prolonged disruptions of DBS' banking services" last year.

While the spokesperson acknowledged that DBS had made "substantive progress" in addressing the shortcomings identified in those service disruptions, the statement noted that the remediation plan by DBS "has not been completed" and the bank's implementation "is still ongoing".

"The six-month pause has allowed DBS Bank to focus its resources and management attention on the remediation work, and the bank has committed to continue its focus to complete the remediation plan," the statement read.

MAS 'closely monitoring' DBS' progress

The MAS spokesperson added that the authority is "closely monitoring" DBS's progress on the remaining deliverables and the effectiveness of the measures implemented.

For now, the bank is still subject to an additional capital requirement by MAS, which is a multiplier of 1.8 times to the bank's risk weighted assets for operational risk.

"[The requirement] will be lifted when MAS is satisfied that DBS Bank has demonstrated the ability to maintain service availability and reliability, and handle any disruptions effectively," added the spokesperson.

Top image via James/Xiaohongshu