DBS Bank

History

2024: Holding $650 million in Ethereum cryptocurrency

At the end of May 2024, it became known that DBS Bank, the largest bank, Singapore holds significant assets in. to cryptocurrency Ethereum An analysis of - blockchain data conducted by the Nansen firm revealed a cryptocurrency wallet associated with this financial institution.

It is alleged that as of May 30, 2024, DBS Bank owned approximately 173.7 thousand. ETH, which is equivalent to approximately $650 million. Moreover, it is alleged that by the date under consideration, the detected address brought income in the amount of $200 million on assets in Ethereum.

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It is noted that DBS Bank shows significant interest in the cryptocurrency market. The financial institution offers a variety of services, including digital asset storage, a security token trading exchange and a funds management application that combines traditional and cryptocurrency assets. In addition, the bank participates in Web3 projects - this is a blockchain-based concept of the next generation Internet, providing for decentralization and token-based economics. In particular, DBS Bank, as part of the Project Guardian initiative, acquired tokenized Singapore dollars using tokenized Japanese yen. At the same time, the DBS Bank China division launched an e-CNY solution that allows enterprises to accept payments in the central bank's digital currency (CBDC).

Singapore plays a meaningful role in promoting cryptocurrencies in the Asia-Pacific region, according to Statista. In 2023, 88 transactions were concluded that allowed several cryptocurrency companies to raise more than $625 million. In general, as noted, Singapore, against the background of favorable state policy, expects to strengthen its position as a leading crypto center amid growing competition from Hong Kong.^[1]

2021: Massive bank outage

Singapore's central bank said on November 24, 2021, it would consider taking "supervisory action" against DBS Group Holdings, the South East Asia's largest bank. The reason was the interruptions in the work of online banking for 2 days in a row.

Under Singapore's banking regulations, financial institutions must ensure that the duration of a failure in critical systems affecting customer service delivery does not exceed four hours during any 12-month period.

Southeast Asia's largest bank, DBS, is completely paralyzed by server glitches

This is a serious breach and the Monetary Credit Authority of Singapore (MAS) expects DBS to conduct a thorough investigation to identify the root causes and take necessary remedial action, "Marcus Lim, assistant managing director from the banking and insurance team at MAS, said in a statement. "MAS will review the appropriate oversight measures following the investigation," Lim added.

These technical problems of DBS, are the longest suffered by the largest bank in Southeast Asia since the failure in 2010, due to which customers could not withdraw cash from ATMs and use online banking services. The disruption occurred on November 23, 2021 and drew the ire of customers just hours after DBS announced the fix after the first day of downtime.^[2]

We have identified an issue with our access control servers and that is why many of you cannot log in, "Shi Jie Kun, head of DBS Singapore, said in a video message on Facebook.

He said DBS and its third-party engineering providers fixed the problem and services were restored just after midnight, but the issue was repeated on Wednesday morning November 24.

On the same day, DBS assured customers that their deposits and money were safe despite technical issues, adding that customers could use bank branches and phone banking services.

Only by November 26, 2021 DBS managed to restore access to digital products. The operation of the digital system has been restored in full, no attempts at hacker attacks have been recorded, the credit institution said.

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