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  • DBS Hit by Worst Outage in a Decade

    DBS Hit by Worst Outage in a Decade

    DBS faced two consecutive days of disruptions to its online banking services, marking the worst outage for the Singapore lender since its ATM glitch in 2010.

    DBS issued a social media post to address the recurring disruptions to its online banking services, including its payments app.

    Services were restored early this morning,» the bank said yesterday in a Facebook post. Unfortunately, yesterday’s digital banking issue has recurred and this has affected our services.

    The post attracted more than 2,500 comments, many of which expressed frustration about blocked access to banking accounts.

    Outages at DBS and its low-cost consumer banking unit POSB first occurred on Tuesday after reports first surfaced in the morning, according to Downdetector – a website that uses crowd-sourcing to track online outages. And just hours after resolving the issue yesterday morning, the outages continued at the bank.

    The inability to access an essential service over such an extended period of time is unacceptable and we deeply regret the inconvenience caused, DBS said in a separate social media post.

    This marks the worst outage experienced by the Singapore lender since 2010 when customers were unable to withdraw cash from ATMs for hours due to a major glitch which subsequently led to supervisory action by the city-state’s financial regulator.

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  • UOB’s Chan Kok Seong on Risk Culture and Hybrid Work

    UOB’s Chan Kok Seong on Risk Culture and Hybrid Work

    The protracted COVID-19 pandemic is no longer just a disruption to the way we work but has transformed permanently the world of work, Chan Kok Seong, UOB’s group chief risk officer, says in an interview.

    The future of work is shaping into a hybrid model that optimizes employee flexibility, autonomy and performance across locations. While much attention has been focused on enabling virtual teams through technology, it is important to balance the risks of remote working with productivity and agility.

    A paper recently released by the Monetary Authority of Singapore and the Association of Banks in Singapore identified two key categories of risks for financial institutions: operational risks and people and culture risks, which all companies across sectors should note as they digitalize their businesses.

    How might companies better manage these emerging risks as they grapple with the embrace of remote working in the digital age

    Organizations will need to confront the technological, operational, legal and compliance risks which arise from a hybrid work model. A change in an organization’s control environment – such as when the majority of its employees perform their roles remotely – can introduce additional information security threat factors.

    For example, virtual workplaces include can be at risk of increased cyberattacks on an external network, potential leakage or misuse of confidential information, identity theft and employees circumventing work processes and controls against compliance guidelines.

    In a virtual work setting, enabling employees’ remote access to internal systems is a requisite. Companies must find a balanced and measured approach to cybersecurity safeguards that works for their operations and which do not compromise their risk controls or business productivity and agility.

  • DBS Mulls Crypto Exchange Launch

    DBS Mulls Crypto Exchange Launch

    DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made. DBS is planning to launch a crypto exchange that will allow four digital currencies – Bitcoin, Bitcoin Cash, Etheerum, and Ripple – to trade against the Singapore dollar, Hong Kong dollar, Japanese yen or U.S. dollar, according to a report by digital asset media firm The Block. 

    Dubbed DBS Digital Exchange, the initiative was first unveiled through a website seen by The Block which cached the now removed website.

    Regulated by the Monetary Authority of Singapore, the crypt exchange will be made accessible to institutional investors, including financial institutions and market makers. Retail investors will have access via DBS entities like their securities or private banking arm.

    While most exchanges can execute orders at any time and any day, DBS will similarly follow the same trading hours as stock exchanges, allowing for less than seven hours per day, according to the report.

    In addition to standard trading, the bank will also provide institutional-grade custody solutions for safekeeping digital assets and, in due time, conduct security token offerings to help small and medium-sized firms raise funds.

    Digital assets are poised to be the future of tomorrow’s digital economy, the website originally read.

    With DBS Digital Exchange, a bank-backed digital exchange, companies, and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.

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