The Monetary Authority of Singapore is to take action against DBS after its second outage in less than two years, describing the disruption to services as "unacceptable".
DBS’ customers were unable to access online banking services or make trades via its brokerage for a ten-hour period on Wednesday.
MAS says it remained in close contact with DBS to ensure expedited recovery of its digital services and timely communications to customers on the disruption.
In a statement, the regulator says: "Today’s disruption of DBS’ digital services is unacceptable, coming a year after a similar incident in November 2021. DBS has fallen short of MAS’ expectations to maintain high system availability and ensure its IT systems are recovered expeditiously."
The central bank has instructed DBS to conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings, at which point "MAS will take the commensurate supervisory actions after gathering the necessary facts."
In a statement on Wednesday, DBS CEO Piyush Gupta said:: “We hold ourselves to higher standards and it is our utmost priority to review the events of today.”
In November 2021, MAS imposed additional capital requirements on DBS after the bank’s digital banking services were knocked offline for two days.