DBS takes accountability of its IT resilience
Mr. Gupta, CEO of DBS Bank, acknowledged the bank's recent technological failings and its $25 million expenditure toward a $80 million goal for tech improvements. Following service outages that disrupted customer transactions, the bank faced regulatory sanctions, including a ban on non-essential IT changes and higher capital requirements. Senior executives took pay cuts, including a 30% salary reduction for Gupta, as a part of accountability measures. The events underscore the need for robust site reliability practices in Singapore's advanced digital payment landscape.