DBS sets up special board committee to investigate service outage
SINGAPORE: DBS has set up a special board committee to investigate the recent disruption to its digital services.
DBS chairman Peter Seah revealed this at an annual general meeting on Friday (Mar 31), adding that the bank will engage external experts to look into the matter.
The day-long outage on Wednesday left customers of Singapore’s biggest bank unable to log in to online banking platforms such as its PayLah! mobile wallet, from as early as 830am. The bank later said in an evening update that digital services had returned to normal as of 5.45pm.
This is DBS’ second outage in 16 months. The previous incident in November 2021 lasted two days and was deemed a “serious disruption” by the Monetary Authority of Singapore (MAS).
The authority issued a strongly-worded statement following the outage on Wednesday, calling the latest disruption “unacceptable”.
The bank has “fallen short” of MAS’ expectations to maintain “high system availability and ensure its IT systems are recovered expeditiously”, said a spokesperson.