Singapore’s OCBC restores all banking services after channel disruption

By Lavanya Sushil Ahire and Anirudh Saligrama

(Reuters) -Singapore’s second-biggest bank, Oversea-Chinese Banking Corp (OCBC), said it had restored all its banking services on Monday after grappling with technical problems that disrupted various banking channels.

OCBC, which is also Southeast Asia’s second-biggest lender by assets, had taken to its social media accounts earlier to warn of the issues that began at 8.33 a.m.

“We want to assure them that their monies remained safe and customer data was secured throughout,” an OCBC spokesperson said. “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 faced a 6-1/2-hour disruption.

That incident was due to human error, Tharman Shanmugaratnam, former senior minister and minister in charge of the Monetary Authority of Singapore (MAS) said in July.

DBS faced an unrelated disruption in March and the bank was subsequently slapped with higher capital requirements by MAS following both incidents.

(Reporting by Lavanya Ahire and Anirudh Saligrama in Bengaluru; Writing by Yantoultra Ngui in Singapore; Editing by Kim Coghill, Clarence Fernandez and Raju Gopalakrishnan)

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