SINGAPORE — Around 2.5 million payment and ATM transactions could not be completed during last month’s DBS and Citibank service disruptions, Minister of State for Trade and Industry Alvin Tan said in parliament on Monday (Nov 6).
An error message on a DBS ATM at Central Mall and screenshots of the DBS iBanking service page and PayLah! service during the Oct 14, 2023 banking outage that affected DBS and Citibank.
The temperature at the data centre rose above the optimal operating range, causing the information technology systems of both banks to shut down, Mr Tan said. DBS and Citibank fell short of the Monetary Authority of Singapore requirements to ensure that critical IT systems are resilient against prolonged disruptions, Mr Tan said.
Analysts told CNA that they were unaware of upcoming acquisition plans for DBS. Mr Thilan Wickramasinghe, head of Singapore research at Maybank, said DBS was focused on integrating other businesses into the bank and likely has “limited appetite” for more mergers and acquisitions. “It is a drag on the return on capital which could in turn impact credit ratings and stock price of the bank."While financial institutions have to take prompt action in the event of an outage to reduce inconvenience to customers, users should also be prepared for disruptions, Mr Tan said.
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DBS, Citi outages prevented 2.5 million payment and ATM transactions from being completedAround 810,000 attempts to access DBS and Citibank's digital banking platforms failed during the Oct 14 to Oct 15 disruption, said Minister of State for Trade and Industry Alvin Tan.
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Singapore bank DBS posts 18% jump in third quarter profit, beating estimatesDBS CEO Piyush Gupta also addressed the recent banking disruptions.
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Alvin Tan on fixing DBS and Citibank digital banking disruptions on Oct 14The impact of the disruption of digital banking services of DBS and Citibank on Oct 14 was “wide”, said Minister of State for Trade and Industry Alvin Tan. Up to 810,000 attempts to access the digital banking platforms of both banks are estimated to have failed between 2.54pm on Oct 14 and 4.47am on Oct 15.
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