DBS’ response to MAS' actions on digital disruption
Singapore.07 Feb 2022
Singapore, 07 Feb 2022 - MAS today issued an announcement on DBS’ two-day digital disruption in November 2021. Please see DBS’ response below:
Said DBS CEO Piyush Gupta, “In a digital era, customers rightly expect to have seamless and uninterrupted access to online banking services 24/7. This is something we take very seriously. Since the November incident, DBS has taken a series of actions to improve the resilience of our services and incident response. These actions are but a starting point. Over the course of the next few months, together with an independent expert, we will continue to review our systems and processes to ensure that we do better going forward.”
MAS’ supervisory action requires DBS to set aside additional capital amounting to 1.5 times risk-weighted assets for operational risk. This translates to approximately SGD 930 million in regulatory capital as at 30 September 2021, and will have a 0.4% point impact on DBS Group’s capital ratios till remedial actions are completed. Inclusive of the capital impact arising from the Citibank Taiwan consumer banking acquisition, DBS’ pro-forma CET-1 ratio as at 30 September 2021 would be 13.4%. The pro-forma ratio is at the upper end of our target CET-1 range, and hence will have no impact on dividend policy.
About DBS
DBS is a leading financial services group in Asia with a presence in 18 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 Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. 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 13 consecutive years from 2009 to 2021.
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, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
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.
Said DBS CEO Piyush Gupta, “In a digital era, customers rightly expect to have seamless and uninterrupted access to online banking services 24/7. This is something we take very seriously. Since the November incident, DBS has taken a series of actions to improve the resilience of our services and incident response. These actions are but a starting point. Over the course of the next few months, together with an independent expert, we will continue to review our systems and processes to ensure that we do better going forward.”
MAS’ supervisory action requires DBS to set aside additional capital amounting to 1.5 times risk-weighted assets for operational risk. This translates to approximately SGD 930 million in regulatory capital as at 30 September 2021, and will have a 0.4% point impact on DBS Group’s capital ratios till remedial actions are completed. Inclusive of the capital impact arising from the Citibank Taiwan consumer banking acquisition, DBS’ pro-forma CET-1 ratio as at 30 September 2021 would be 13.4%. The pro-forma ratio is at the upper end of our target CET-1 range, and hence will have no impact on dividend policy.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 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 Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. 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 13 consecutive years from 2009 to 2021.
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, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
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.
