The Monetary Authority of Singapore (MAS) has ordered DBS and Citibank to conduct "a thorough investigation" following a long outage of key financial services in Singapore over the weekend. According to MAS, unscheduled downtime for a critical system that affects a bank's operations or service to customers must not exceed four hours within any 12-month period. The banks were not able to fully recover their systems within the required timeframe.

MAS has instructed both banks to investigate on why they were not able to do so, and says it will take appropriate supervisory actions after gathering the necessary facts. Read more about this story on our LinkedIn page