Singapore's banking authority says DBS outage was 'unacceptable'
Publishing timestamp: 2023-03-30 00:41:00
Summary
DBS Group experienced a 10-hour outage of its digital services, causing shares to drop 1.4%. The Monetary Authority of Singapore called the outage "unacceptable" and instructed DBS to conduct a thorough investigation. DBS assured customers that their systems were not compromised and clients' deposits were safe. This is not the first time DBS has experienced digital banking disruptions, and it may face penalties from the central bank. However, experts do not expect the incident to significantly impact consumer or investor confidence in the long run.
Sentiment: NEGATIVE
Keywords: straits times index, business news, singapore, banks, dbs group holdings ltd,