MAS today issued an announcement on DBS’ recent digital disruptions. Please see DBS’ response below:

Said DBS CEO Piyush Gupta, “We apologise for the digital disruptions that have recently occurred. Our customers rightly expect more of us, and we are committed to doing better. Following the 29 March incident, the bank convened a Special Board Committee to oversee a full review of our technology resiliency with an independent external expert. We will complete the review as a matter of utmost priority and implement all recommendations expeditiously.”

MAS’ supervisory action requires DBS to set aside additional capital amounting to 1.8 times of its risk-weighted assets for operational risk. This includes its previous supervisory action initiated in February 2022 in response to the bank’s November 2021 digital disruption. MAS’ latest action will have an incremental 0.3% point impact on DBS Group’s 31 March 2023 Common Equity Tier 1 capital ratio, reducing it from 14.4% to 14.1%.

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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

DBS’ response to MAS' actions on digital disruption