The Monetary Authority of Singapore (MAS) today announced that it will not extend the suspension of DBS Bank Ltd from November 1, 2023 to April 30, 2024, while DBS's operational risk-weighted asset multiplier of 1.8x will be retained.

DBS' six-month suspension of non-essential activities is to ensure that the bank focuses on restoring the resilience of its digital banking services. While full implementation of the remediation plan is still underway, the HKMA notes that DBS has made substantial progress in addressing the deficiencies identified in the 2023 customer service disruption. Improvements have been made to its technology risk governance, system resilience, change management and incident management.

DBS will continue to implement remediation measures and take some longer-term measures, such as continuing to simplify and enhance the bank's systems architecture. DBS has committed to prioritizing resources and devoting management attention to completing the outstanding remedial measures.

The HKMA has indicated that it will closely monitor DBS's progress on the remaining deliverables and the effectiveness of the measures implemented. In the event of a service disruption, the HKMA expects DBS to be able to resume its services promptly and to communicate with its customers in a clear and timely manner.

The 1.8 times multiplier will be increased when the MAS is satisfied that DBS has demonstrated its ability to maintain service availability and reliability and handle any disruption effectively.