While the DBS Bank motto is “Live more, bank less,” some customers found they could not bank at all after some services were disrupted for days earlier this week. The problem was discovered Tuesday morning when customers began having issues with account logins. Initial communications from DBS were vague and at one point they said the problem was fixed. But the issues persisted.
The Monetary Authority of Singapore (MAS) is considering its next steps. Their actions will come after DBS conducts its own investigation.
According to a Bloomberg report MAS assistant managing director Marcus Lim is insinuating that DBS investigation better be thorough.
“This is a serious disruption and MAS expects DBS to conduct a thorough investigation to identify the root causes and implement the necessary remedial measures,” Lim said. “MAS will consider appropriate supervisory actions following the investigation.”
On Nov. 24 DBS Singapore country head Tse Koon said the problem was determined to be an issue with its access control servers. DBS also took to social media to deny rumors the outage was tied to the sale of treasury bonds by Myanmar’s National Unity Government.
“We have since been working round the clock, together with our third-party engineering providers, to fix the problem,” Tse said in a video posted on the DBS website. “Unfortunately this morning, the same problem recurred and while the situation is less severe than yesterday, we know that many of you are still unable to get access.
“In the meantime, I want to assure you that your deposits and monies are safe, and that you can continue with your banking needs either through our branches, or through phone banking. To facilitate this, we’ve extended banking services at all our branches by two hours.”
Here is the full text from Tse’s statement:
“Hello, I’m Tse Koon, DBS Singapore country head.
“I know that many of you have been facing difficulties in accessing our digital banking services. I realize this is a cause for concern and frustration and am very sorry for the inconvenience and anxiety caused.
“This is why I’d like to give you an update on the situation.
“Yesterday, we identified a problem with our access control servers and this is why many of you have been unable to log in. We have since been working round the clock, together with our third-party engineering providers, to fix the problem and services were restored at 2 a.m.
“Unfortunately this morning, the same problem recurred and while the situation is less severe than yesterday, we know that many of you are still unable to get access.
“We acknowledge the gravity of the situation and as we work to resolve matters, we seek your patience and understanding.
“In the meantime, I want to assure you that your deposits and monies are safe, and that you can continue with your banking needs either through our branches, or through phone banking. To facilitate this, we’ve extended banking services at all our branches by two hours. And our relationship managers and call centre customer service officers are on standby to assist you with your urgent banking requests.
“Please be rest assured that my colleagues and I are doing all that we can to remedy the situation. Once again, my sincere apologies.”