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Singapore’s OCBC Restores Banking Services After Disruption

2023-08-28 13:50
Singapore lender Oversea-Chinese Banking Corporation Ltd. said it has fully restored all services after a disruption affecting consumer
Singapore’s OCBC Restores Banking Services After Disruption

Singapore lender Oversea-Chinese Banking Corporation Ltd. said it has fully restored all services after a disruption affecting consumer and business banking customers earlier Monday.

OCBC is investigating the cause of the technical glitch that hit both physical and online services at 8:33 am local time, the city-state’s second-largest lender said. Branch, ATM and card services were first to recover, while Internet and mobile-based banking, as well as the Velocity business services were later fixed, a spokesperson told Bloomberg in an emailed statement.

In May, DBS Group Holdings Ltd. was slapped with higher capital requirements by the Singapore regulator following a pair of digital banking disruptions.

--With assistance from Janine Phakdeetham and Chanyaporn Chanjaroen.

(Updates with bank statement in first and second paragraphs.)