Shares of Singapore’s largest bank DBS Group fell 1.7% on Thursday after a 9-hour outage of its digital services on Wednesday that drew criticism from the public as well as the banking authorities.
The Monetary Authority of Singapore said the incident yesterday was unacceptable and that the operating performance of DBS had fallen short of expectations. The authorities have instructed the lender to conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to the Monetary Authority of Singapore.
Meanwhile, the central bank said it will gather the necessary facts before taking suitable action regarding the matter.
The incident occurred on Wednesday morning. The digital services were disrupted from 8:30 and continued to do so until 17:45, causing users unable to access online banking services or make trades via its brokerage. The bank did announce that it would extend banking services at all its branches by two hours, but that was little to no help, compared to what had happened during the day.
