Monetary Authority of Singapore (MAS) is
planning an assessment of OCBC Bank’s compliance with risk
management rules following the bank’s core systems in Singapore
being hit by a technical fault earlier this week. 

The
system breakdown left customers struggling to use
OCBC’s branch, ATM, internet and mobile services for many hours.
Both individual as well as corporate account holders were affected.
The MAS will decide on what action to take against OCBC after its
assessment. 

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The issue occurred as OCBC’s IT team
discovered, at 9 am on 13 September 2011, that the core banking
system could not properly connect to various front-ends.

The problem was fixed within four hours and
all the customers’ data was protected during the outage, OCBC’s CEO
David Conner said in a statement. He also apologised to the
customers for the all inconvenience.

Banks are required to investigate promptly the
causes of system breakdowns and take immediate measures to rectify
system failures and restore customer services, as well as take
subsequent action to strengthen the system and prevent future
recurrence, the MAS said in a statement.

OCBC is the second largest financial services
group in Southeast Asia by assets, the market leader being the
Development Bank of Singapore (DBS). OCBC has a network
of over 500 branches and representative offices in
15 countries.

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OCBC’s service disruptions have come a year
after DBS customers had to suffer a similar system crash that
resulted in a seven-hour interruption of DBS ATMs, mobile banking
and online services, in July 2010. The MAS told DBS to set aside
$230m additional regulatory capital for operational risk and
improve customer communications procedures.