Singapore’s OCBC Bank Experiences An Outage, Yet Its Shares Increase 1%

OCBC, Southeast Asia’s fourth largest bank, experienced a small interruption of service on Monday that disrupted its digital and card banking channels.

The bank declared at 9:43 a.m. that it was experiencing “technical problems with banking channels.”

Around 10.37 a.m. OCBC stated that card and branch services had been put back, followed by ATM services.

In afternoon trade, equities of the Singapore-based lender rose 1.05%.

OCBC attempted to make clients sure that there had been no safety compromise in a statement to CNBC.

“We would like to make them sure that the funds were protected and that customer data was secure at all times.” “We are currently analyzing the true source of thе issue and are going to give an update without further delay,” declared an OCBC spokesman.

DBS, Singapore’s leading bank, was assigned an extra capital demand in May after experiencing two service delays in February and March.

After the March outage, the Monetary Authority of Singapore called it “unacceptable”.

The MAS then said that DBS must multiply its risk-weighted assets by 1.8 times for operational risk, expanding its total additional regulatory capital to about 1.6 billion Singapore dollars, or $1.2 billion.