DBS Faces Regulator Action After Clients Lost Digital Access
- Clients unable to transact on mobile app, website Wednesday
- Bank’s digital disruption is second major one in 16 months
Shares of DBS opened lower Thursday morning, against a rise in the country’s benchmark stock index.
Photographer: Suhaimi Abdullah/BloombergThis article is for subscribers only.
Singapore’s financial regulator pledged to take action against DBS Group Holdings Ltd. after customers lost access to accounts using mobile-phone apps and websites, in a second major incident in 16 months.
Disruptions lasting about 10 hours Wednesday prompted the Monetary Authority of Singapore to order an investigation. Chief Executive Officer Piyush Gupta said the country’s largest bank “deeply” regrets the inconvenience.