DBS Bank has set up a special board committee with immediate effect to conduct a full and detailed investigation on the digital disruption that it had faced last Wednesday (29 March).
This was announced by DBS’ Chairman Peter Seah during its Annual General Meeting held on Friday (31 March) where he said that the bank will also engage external experts with broad and deep experience in overseeing large-scale IT systems and operations to work with the committee.
The committee will include board members Olivier Lim, Tham Sai Choy, Dr Bonghan Cho and Chng Kai Fong.
This recent incident was the second time DBS has experienced such a prolonged disruption following that of a 39 hours outage in from 23 to 25 November 2021.
This resulted in the Monetary Authority of Singapore (MAS) imposing an additional capital requirement of S$930 million on DBS in February 2022.
Following the recent incident, the regulator called the disruption “unacceptable” and said that the bank fell short of expectations. MAS will be taking the appropriate supervisory action once the investigations have been completed.
Piyush Gupta
The Straits Times quoted DBS Group CEO Piyush Gupta saying that the incident has been sobering and embarrassing and that the bank is committed to doing better.
He added that a full investigation in underway and that it is too early to determine what caused the disruption.
Peter Seah
Seah echoed this sentiment saying,
“Ensuring uninterrupted digital banking services 24/7 has been our key priority. Unfortunately, we fell short of it and are truly sorry.”
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- Source: https://fintechnews.sg/71146/fintech/dbs-ceo-piyush-apologises-for-embarrassing-disruption-sets-up-committee-to-investigate/
