Singapore’s OCBC Bank Recovers from Outage, Assures Customer Data Security

After facing technical disruptions, Oversea-Chinese Banking Corp (OCBC), Singapore’s number two bank, reported that all its services were back online on Monday. The bank, which also ranks as the second-largest financial institution in Southeast Asia based on assets, had earlier notified customers via social media that issues started occurring at 8:33 a.m.

A spokesperson for OCBC gave assurances that “funds remained secure and all customer information was safely guarded throughout the period of disruption. We are currently conducting a thorough investigation into what caused the technical hiccup and will relay updates as soon as feasible.”

This follows a similar occurrence on May 5, when digital services from DBS, a more sizable banking peer, went offline for six and a half hours. The Monetary Authority of Singapore (MAS) later attributed the DBS outage to human error. Subsequently, MAS mandated higher capital buffers for DBS after the May event and another separate service disruption in March.