After Channel Disruption, Singapore's OCBC has Restored All Banking Services

Oversea-Chinese Banking Corp (OCBC) (OCBC.SI), Singapore's second-largest bank, announced Monday that it has restored all banking services after dealing with technical issues that had interrupted several banking channels.

OCBC, Southeast Asia's second-largest lender by assets, had already warned of the problems that began at 8.33 a.m. on its social media pages.

"We want to assure them that their monies remained safe and customer data was secured throughout," an OCBC spokeswoman stated. "We are investigating the cause of the technical problem and will provide an update as soon as we can."

On May 5, the digital banking services of larger peer DBS (DBSM.SI) were disrupted for 6 1/2 hours.

Tharman Shanmugaratnam, former senior minister and minister in charge of the Monetary Authority of Singapore (MAS), stated in July that the issue was caused by human error.

DBS experienced an unrelated outage in March, and as a result of these instances, MAS imposed increased capital requirements on the bank.


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