Singapore Regulator Ends DBS’ Six-Month Digital Banking Penalty
- MAS keeps 1.8 times multiplier on capital requirement
- Regulator monitoring DBS’s progress to ensure reliability
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Singapore’s financial regulator is ending a six-month ban that restricted DBS Group Holdings Ltd. from non-essential activities, after the country’s largest lender improved weaknesses related to a series of glitches in its digital banking services.
The bank “has made substantive progress to address the shortcomings identified from service disruptions experienced by its customers in 2023,” the Monetary Authority of Singapore said in a statement on Tuesday. The measures that were effective on Nov. 1 included a ban on acquiring new business ventures and reducing the size of its local branch and ATM networks.