Singapore Makes Its Largest Bank Take a Technology Timeout
The city-state's top financial regulator has lost patience with DBS Group after repeated digital-banking service disruptions.
Singapore's top regulator of financial services has lost patience after the city state's biggest bank repeatedly disrupted its digital banking service this year.
The Monetary Authority of Singapore barred DBS Group on Wednesday from acquiring any new business ventures or making 'non-essential' IT changes. This effectively stops the bank from rolling new technology initiatives, until its systems have been in order.