Breaking news: Temasek and DBS issues statement that CEO Piyush Gupta's job is safe

[LITTLEREDDOT]

Excerpts from the statement: "...such breakdowns are not the fault of the CEO. These are honest mistakes made by outsourced service providers, lower-level employees, or CECA talent. Piyush's job is safe no matter how many cock-ups and breakdowns. Because he is making so much money for us. Now go and f**k yourself, Sinkies."

PayLah! down for some users, less than a week after DBS banking services were disrupted​

DBS said that access to PayLah! was intermittent. PHOTO: LIANHE ZAOBAO

Fatimah Mujibah

Oct 20, 2023

SINGAPORE – Following an outage that lasted more than 12 hours over the weekend, DBS Bank faced another hiccup on Friday morning with customers unable to access online service PayLah!.
In a Facebook post at around 10am, DBS said that access to PayLah! was intermittent. The bank advised its customers to use DBS digibank Scan and Pay, or DBS/POSB debit or credit cards for their payments.
The bank said that those who are able to access PayLah! and are eligible for the DBS 5 Million Hawker Meals cashback will receive their rebate by Friday.
The cashback is an initiative by DBS introduced in February to support hawkers. The $3 discount is available every Friday for the first 100,000 users on their hawker meals islandwide.
“We are resolving the issue. We apologise for the inconvenience caused and seek your understanding,” DBS said.
At 11.46am, DBS said in an update: “We seek your patience while we are actively working towards achieving full access to PayLah! services. Meanwhile, you may use DBS digibank Scan & Pay, DBS/POSB debit or credit cards for your payments.”
The bank added that all 100,000 cashback rewards for the DBS 5 Million Hawker Meals scheme for Friday have been redeemed.


The Straits Times understands that ATM machines are unaffected.
The Downdetector website, which tracks service disruptions, saw an increase in complaints about DBS at 7.45am.
At about 9am, there were about 397 reports from DBS customers on the website.
A Facebook user named Jerome Fs commented: “Can’t even log in (using) the app. People are waiting for me to make payment while queuing. You know how embarrassing it is? How can we ‘go cashless’ when our technology cannot keep it up?”
Several users also commented on the frequent issues faced by DBS and expressed their disappointment.
The disruption to PayLah! comes after ATMs, website and cards were down last Saturday afternoon. All of DBS banking services resumed on Sunday morning.
DBS said its investigations showed that the service disruption was caused by an issue at a data centre, which is also used by other organisations.
ST has contacted DBS for comment.

 

[steffychun]

He will sack all the sinkies and make them suffer.

 

[laksaboy]

It's just like a football club's owner giving a public statement expressing his vote of confidence for an underperforming manager.

 

[laksaboy]

I'm not sure why they need to introduce all these nonsensical bank app payment options for simple purchases. Didn't they once go all out to promote using NETS to pay for hawker makan? Banks really do not need to get involved with these. Banks should focus on online shopping and the potential risks involved.

Hawkers get faster access to funds from Nets transactions​

JAN 17, 2019
https://www.straitstimes.com/singapore/nets-launches-same-day-settlement-of-e-payments-for-hawkers

 

[nayr69sg]

I'm not sure why they need to introduce all these nonsensical bank app payment options for simple purchases. Didn't they once go all out to promote using NETS to pay for hawker makan? Banks really do not need to get involved with these. Banks should focus on online shopping and the potential risks involved.

Hawkers get faster access to funds from Nets transactions​

JAN 17, 2019
https://www.straitstimes.com/singapore/nets-launches-same-day-settlement-of-e-payments-for-hawkers

Cos of this
https://www.todayonline.com/singapore/e-payment-platforms-here-need-be-integrated-pm-lee

Singapore lagging behind other cities in e-payment use: PM Lee​

Even though Singapore has e-payment platforms as well, the various different schemes and systems have caused inconvenience for consumers and incurred costs for businesses. Photo: Ministry of Communications and Information
Follow us on Instagram and Tiktok, and join our Telegram channel for the latest updates.


BY VALERIE KOH
Published August 20, 2017
Updated August 21, 2017
SINGAPORE — When it comes to electronic payments, the Republic trails behind other cities, including those in China, Prime Minister Lee Hsien Loong said on Sunday (Aug 20).
He noted that Chinese visitors would ask why Singapore was “so backward” when they realised that they had to use cash for transactions here.

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In the larger cities in China, credit cards have become a rare sight and cash is now obsolete.
Instead, the favoured payment modes are WeChat Pay and Alipay — where apps are linked to bank accounts. Payment can be made simply by picking up a phone and scanning a QR code.
In his National Day Rally speech, Mr Lee shared an anecdote about Manpower Minister Lim Swee Say buying chestnuts from a roadside hawker stall in Shanghai a few years ago. With a wave of their mobile phones, the customers ahead of Mr Lim took their chestnuts and left. No cash traded hands.

 

[realDonaldTrump]

if he is removed, his successor will find a can of worms
then he will be invited back to lead DBS to cover the can of worms

 

[gsbslut]

FUCK PAP
FUCK TEMASEK
FUCK DBS
FUCK CECA

​

 

[Loofydralb]

Excerpts from the statement: "...such breakdowns are not the fault of the CEO. These are honest mistakes made by outsourced service providers, lower-level employees, or CECA talent. Piyush's job is safe no matter how many cock-ups and breakdowns. Because he is making so much money for us. Now go and f**k yourself, Sinkies."

PayLah! down for some users, less than a week after DBS banking services were disrupted​

DBS said that access to PayLah! was intermittent. PHOTO: LIANHE ZAOBAO

Fatimah Mujibah

Oct 20, 2023

SINGAPORE – Following an outage that lasted more than 12 hours over the weekend, DBS Bank faced another hiccup on Friday morning with customers unable to access online service PayLah!.
In a Facebook post at around 10am, DBS said that access to PayLah! was intermittent. The bank advised its customers to use DBS digibank Scan and Pay, or DBS/POSB debit or credit cards for their payments.
The bank said that those who are able to access PayLah! and are eligible for the DBS 5 Million Hawker Meals cashback will receive their rebate by Friday.
The cashback is an initiative by DBS introduced in February to support hawkers. The $3 discount is available every Friday for the first 100,000 users on their hawker meals islandwide.
“We are resolving the issue. We apologise for the inconvenience caused and seek your understanding,” DBS said.
At 11.46am, DBS said in an update: “We seek your patience while we are actively working towards achieving full access to PayLah! services. Meanwhile, you may use DBS digibank Scan & Pay, DBS/POSB debit or credit cards for your payments.”
The bank added that all 100,000 cashback rewards for the DBS 5 Million Hawker Meals scheme for Friday have been redeemed.


The Straits Times understands that ATM machines are unaffected.
The Downdetector website, which tracks service disruptions, saw an increase in complaints about DBS at 7.45am.
At about 9am, there were about 397 reports from DBS customers on the website.
A Facebook user named Jerome Fs commented: “Can’t even log in (using) the app. People are waiting for me to make payment while queuing. You know how embarrassing it is? How can we ‘go cashless’ when our technology cannot keep it up?”
Several users also commented on the frequent issues faced by DBS and expressed their disappointment.
The disruption to PayLah! comes after ATMs, website and cards were down last Saturday afternoon. All of DBS banking services resumed on Sunday morning.
DBS said its investigations showed that the service disruption was caused by an issue at a data centre, which is also used by other organisations.
ST has contacted DBS for comment.

The only way to get him out is remove all your funds out from dbs and sever all ties to them and open new ones at others.

 

[iamhere]

PLP & cronies version of victoria secret...the PIGTORIA OPENSECRET...

 

[millim6868]

Lol, ceca gave ceca contract n service ,end up get shifts, am not surprised this neh gage cilontract to own ppl ,lol

 

[Laguna123]

Today the DBS paylah app also down.

 

[blackmondy]

Honest mistakes sounds like gentle rapists.

 

[LITTLEREDDOT]

Quote: "DBS’s revenue surged from S$9.6 billion in 2014, the year it launched its digital transformation, to S$14.6 billion last year (2020)."

That's why Piyush is unsackable. He takes all the credit for making so much money for Temasek.

How DBS Became the ‘World’s Best Bank’​

Vinika D. Rao , INSEAD, and Robin Speculand , Bridges Business Consultancy Int.
15 Nov 2021

The Singapore titan’s tech-charged quest to take the banking out of banking has paid off handsomely.
The world’s best bank, it seems, has managed to outdo itself. For the fourth year in a row, Singapore-based DBS Bank has been named the “world's best bank” by Euromoney, a leading industry publication. It also clinched the “world’s best digital bank” accolade, marking the first time the two titles are held by the same institution. While South-east Asia’s largest bank owes its latest triumphs to bold initiatives launched during the pandemic, including new online exchanges for blockchain-based fundraising and carbon credit trading, its ascent to the top is built on a digital transformation years in the making.
That transformation was launched in 2014 by CEO Piyush Gupta and his leadership team. Their vision: Make Banking Joyful. An ambitious goal, considering the industry’s tarnished image after the global financial crisis as well as a growing shift towards online financial transactions. In fact, a survey in the United States showed that 71 percent of millennials would rather go to the dentist than their local bank branch, and three in four preferred financial services from the likes of Google and Amazon.
The threat from tech was impressed upon Gupta during a meeting he had earlier in 2014 with Jack Ma, then CEO of Alibaba. That one-hour meeting convinced Gupta of the disruptive forces emerging from China that would revolutionise banking.

To win over a new generation of customers, DBS saw that it needed to inhabit the same space as the tech upstarts, leveraging new technologies to take the hassle out of traditional banking. In short, it set out to make banking “joyful”. This vision would be built on three strategic principles: become digital to the core, make DBS “invisible”, and create a “30,000 people start-up” culture.

Becoming digital to the core
Part of DBS's success is built on its creativity in overcoming digital transformation challenges that other organisations struggle with. Two out of three digital transformations fail at least in part because executives underestimate the project’s scope and impact. DBS’s top executives decided right from the start that emerging technologies and use of data had to be incorporated throughout the bank, with alignment across all divisions.
The transformation quickly bore fruit. First, DBS dramatically reduced the time-to-market of new products. For example, in 2016 it launched the first digital-only bank in India through a mobile app that it fed with weekly updates. By the following year, the digibank had added more than a million customers.
DBS also built ecosystem partnerships, an essential strategy in a hyper-connected world. Most recently, the bank teamed up with fintech firm Doxa to launch an automated payment solution for Singapore's construction industry, which accounts for 4 percent of the country’s economy. It aims to help contractors improve cash flow management and cut costs by digitising paperwork and tracking payments automatically.
Transformations, however, are never easy. For DBS, an initial challenge was to start solving problems by thinking like “techies” rather than bankers. Its solution? Proclaim itself “a technology company delivering banking services” and benchmarking not against other banks but leading technology companies. To encourage employees to think like techies, and not just any techie but Jeff Bezos, Amazon’s famously customer-focused boss, DBS adopted the phrase, “What would Jeff do?”
It also distilled lessons from leading technology companies with the catchy mnemonic “GANDALF”, after the wizard of The Lord of the Rings fame: G — use open-source software like Google; A — run software on Amazon’s cloud platforms; N — use data and automation at scale and personalise recommendations like Netflix; A — design systems as Apple does; L — push for continuous learning in the footsteps of LinkedIn; and F — focus on building communities like Facebook. What about ‘D’? That’s for DBS, of course.
GANDALF helped inspire a new mindset for DBS’s digital and core technology transformation. The bank identified and adopted five key initiatives:

• Shift from products to platform – substitute empowered teams with oversight of their own products for long-term projects replete with steering committees and bureaucracy
• Develop high-performing agile teams – in pre-transformation DBS, business departments set the goals and technology played a supporting role. Now, both sides come to the table as equal partners with shared goals and plans
• Automate everything – build, test and deploy systems faster
• Design for modern systems – engineer technologies and build systems that are scalable, elastic and ready for experimentation by using the cloud
• Organise for success – provide employees with the right tools and support to enable agility

Becoming ‘customer obsessed’
At DBS, customers come first, followed by employees, then other stakeholders. Gupta believes that putting the customer first provides a unifying purpose for employees. The bank adopted customer journey mapping – a method of visualising the customer’s interaction with the bank from his or her perspective – and made it the default tool for solving customer issues. The bank also used hackathons and design thinking processes to help employees become customer-centric.
In 2017, DBS launched a developer platform of APIs, the software protocol that allows computers and apps to communicate with one another. The platform enables software developers to “communicate” with DBS and link up with the bank’s services, such as a peer-to-peer service payment and mortgage affordability assessments. Today the network has over 1,000 open APIs. For instance, cars can now be bought and sold on the bank’s platform, with DBS car loans integrated seamlessly into the system. The bank becomes “invisible” to its customers while meeting their needs.

Becoming a start-up
A question DBS’s leadership asked early in the bank’s digital transformation was: “What is the biggest roadblock to adopting a start-up culture?” It turned out that it was the way meetings were conducted, a scourge common to many large, complex organisations. There were too many meetings, and too many of them were ineffective or had no stated purpose.

Enter “MOJO”, short for Meeting Owner Joyful Observer, a campaign to do away with meetings that went nowhere. It had a simple rule: Meetings must start and finish on time and have a fixed agenda. MOJO produced serious benefits, saving the bank more than 500,000 employee hours.

To develop a start-up culture, the leadership team cultivated five characteristics throughout the organisation: agility, continuous learning, customer obsession, data-driven experimentation and risk-taking. Last year, as the pandemic raged, the bank created a task force on the future of work. Today, employees have the flexibility to work from home up to 40 percent of the time. For those who need flexible work arrangements, the bank offers a job-sharing scheme that divides a typical full-time job between two employees.

Meanwhile the bank is accelerating its transition from conventional functional departments to project-specific, data-driven agile squads, made up of members from different functions with relevant areas of expertise. Workspaces are also being redesigned.
Along the way to becoming the “world's best bank”, DBS’s revenue surged from S$9.6 billion in 2014, the year it launched its digital transformation, to S$14.6 billion last year. But it is not resting on its laurels. The bank has crafted a new vision: to be a better bank in a better world, focusing on continued digital transformation and sustainability. It aims to deliver products and services that promote sustainable development, to engage in sustainable procurement, support social enterprises and businesses with positive social impact and give back to the communities in which it operates.

Robin Speculand is co-nominated with DBS chief executive Piyush Gupta for the Ideas into Practice Award of Thinkers50, a global ranking of management thinkers published every other year. The Thinkers50 Awards Gala 2021, of which INSEAD is an educational partner.

 

[birdie69]

He will sack all the sinkies and make them suffer.

In another words, he will bring in more CECA Indians to displace locals to spite Singaporeans for pushing him to be sacked?

 

[LITTLEREDDOT]

Forum: Consumer-facing digital services should have tiered contingency measures​

Oct 24, 2023


The latest cases of IT system outages affecting customers of DBS and Citibank (DBS, Citi restoring banking services following disruptions on Saturday; DBS ATMs all up, Oct 15) follow several other incidents of consumer-related IT system disruptions in recent months.
In March and May, DBS was affected by two separate IT incidents resulting in its digital services being inaccessible for more than 16 hours. Also in March, the Immigration and Checkpoints Authority encountered a technical glitch which sparked hours-long delays at Singapore’s checkpoints and affected about 85,000 travellers.
While these disruptions could have been caused by various factors, ranging from technical to human-related causes, there is increasing recognition that such outages have a growing economic and social impact on Singapore.
In its Oct 19 statement, the Monetary Authority of Singapore noted that banks should have contingency measures during service disruptions.
I would like to suggest that such contingency measures apply to all consumer-facing digital services, with additional requirements for essential services.
For example, digital services and applications could be tiered based on the number of active users and how critical their applications are, with graduated safeguard requirements. IT systems processing crucial applications should also be audited periodically.
As Singapore is a key data centre and IT services hub in the region, it is important that it establish a robust and resilient digital services framework that will support and enhance the growth of its digital economy.

The participation of different stakeholders, from companies and IT solutions providers to digital infrastructure operators and regulators, will be essential in this process as we take a holistic and balanced approach to the issue.

Tim Lin

 

[steffychun]

In another words, he will bring in more CECA Indians to displace locals to spite Singaporeans for pushing him to be sacked?

Ang mohs also they suck Ceca cock.

 

[k1976]

In another words, he will bring in more CECA Indians to displace locals to spite Singaporeans for pushing him to be sacked?

There are many Demi God's hiding in plain sight de woh

 

[LITTLEREDDOT]

Mizuho's top executives to resign over system failures​

By Makiko Yamazaki and Tetsushi Kajimoto
November 27, 2021


Mizuho's top execs quit over system failures
TOKYO, Nov 26 (Reuters) - Mizuho Financial Group (8411.T) said on Friday its chief, chairman and three other executives will resign as financial authorities reprimanded Japan's No. 3 lender for a series of technical system failures.
The Financial Services Agency (FSA), the country's banking regulator, said in a statement the failures had "undermined the credibility of Japan's bank settlement system".
Group CEO Tatsufumi Sakai and Chairman Yasuhiro Sato, as well as the head of the main banking unit and executives in charge of the group's systems and compliance, will step down by April to take responsibility for the glitches, the bank said.

Muzuho has not selected the next CEO and plans to leave the chairman post vacant.
The FSA reprimanded Mizuho for eight system glitches that took place this year, despite a $3.6 billion overhaul of its systems in 2019.

Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai Acquire Licensing Rights
The regulator referred to governance problems at Mizuho, including an underestimation of the risks related to its banking systems, insufficient attention to on-site conditions and a culture in which employees "do not say what should be said".

Separately, in the first such order issued to a bank since Japan overhauled its foreign exchange law in 1998, the finance ministry ordered it to take corrective measures to prevent any further breach of the law.
During one of the system failures, the bank failed to comply with anti-money laundering procedures necessary for overseas remittances, as Japan strives to tighten regulation to prevent money-laundering.

The ministry cited a lack of knowledge by Mizuho's executives of foreign exchange law, a lack of communication among sections concerned and the fragility of its system management as reasons for the censure.
Japan has redoubled efforts against money-laundering through a three-year action plan that includes tighter supervision of financial institutions following a report in August by the Financial Action Task Force (FATF), a global financial crimes watchdog.

 

[k1976]

Mizuho's top executives to resign over system failures​

By Makiko Yamazaki and Tetsushi Kajimoto
November 27, 2021


Mizuho's top execs quit over system failures
TOKYO, Nov 26 (Reuters) - Mizuho Financial Group (8411.T) said on Friday its chief, chairman and three other executives will resign as financial authorities reprimanded Japan's No. 3 lender for a series of technical system failures.
The Financial Services Agency (FSA), the country's banking regulator, said in a statement the failures had "undermined the credibility of Japan's bank settlement system".
Group CEO Tatsufumi Sakai and Chairman Yasuhiro Sato, as well as the head of the main banking unit and executives in charge of the group's systems and compliance, will step down by April to take responsibility for the glitches, the bank said.

Muzuho has not selected the next CEO and plans to leave the chairman post vacant.
The FSA reprimanded Mizuho for eight system glitches that took place this year, despite a $3.6 billion overhaul of its systems in 2019.

Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai Acquire Licensing Rights
The regulator referred to governance problems at Mizuho, including an underestimation of the risks related to its banking systems, insufficient attention to on-site conditions and a culture in which employees "do not say what should be said".

Separately, in the first such order issued to a bank since Japan overhauled its foreign exchange law in 1998, the finance ministry ordered it to take corrective measures to prevent any further breach of the law.
During one of the system failures, the bank failed to comply with anti-money laundering procedures necessary for overseas remittances, as Japan strives to tighten regulation to prevent money-laundering.

The ministry cited a lack of knowledge by Mizuho's executives of foreign exchange law, a lack of communication among sections concerned and the fragility of its system management as reasons for the censure.
Japan has redoubled efforts against money-laundering through a three-year action plan that includes tighter supervision of financial institutions following a report in August by the Financial Action Task Force (FATF), a global financial crimes watchdog.

They need good hands that guide our DBS to world strongest bank de

 

[LITTLEREDDOT]

MAS bars DBS from new business acquisitions, non-essential IT changes for 6 months after disruptions​

DBS will also not be allowed to reduce the number of its branches and ATMs. ST PHOTO: GIN TAY

Aqil Hamzah

Nov 1, 2023

SINGAPORE – For six months, DBS Bank will have to suspend non-essential changes to its IT systems, and will not be allowed to take on new business ventures, the Monetary Authority of Singapore (MAS) said on Wednesday.
MAS said it directed DBS to suspend all changes to its IT systems, except for those related to security, regulatory compliance and risk management.
“This is to ensure that the bank dedicates the needed resources and attention to strengthen its technology risk management systems and controls,” it said. DBS will also not be allowed to reduce the number of its branches and ATMs.
The pause imposed by the regulatory body on the Republic’s largest bank comes after a series of disruptions to its services throughout the year.
The bank experienced major disruptions to its banking services on March 29, May 5, Sept 26, as well as Oct 14 and 20. The Oct 14 outage lasted 12 hours, affecting the bank’s digital services and automated teller machines (ATMs).
During this six-month period, the authority will not approve any new business acquisitions made by the bank either.
MAS said the move to disallow DBS from reducing the number of its branches and ATMs would ensure that there are enough alternatives for the bank’s customers if there are new disruptions. This directive will remain in place until MAS is satisfied with DBS’ progress in enhancing its operational resilience, the authority added.

MAS will review DBS’ progress at the end of six months, and may extend the duration of these measures, vary the additional capital requirement currently imposed, or take further action.
DBS currently has an additional capital requirement of about $1.6 billion, which MAS imposed in May. This followed a disruption to the bank’s digital banking and ATM services on May 5, which was preceded by a widespread disruption on March 29.
It also had to apply a multiplier of 1.8 times to its risk-weighted assets for operational risk. This was marked up from the 1.5 times multiplier applied in 2022, after it suffered its worst outage in more than a decade in November 2021.

MAS added that it will take up to 24 months for DBS to execute the planned changes to improve the resilience of its digital banking services.
“In the meantime, it is possible that disruptions may still occur. In such situations, MAS expects DBS Bank to promptly recover its services and communicate to its customers in a clear and timely manner,” MAS said.
Ms Ho Hern Shin, deputy managing director of financial supervision at MAS, said: “DBS must put in place immediate measures to ensure service reliability while it continues to invest in the longer-term efforts to bolster its operational resilience.
“We have imposed this six-month pause on the bank to give it the space to take the actions needed to maintain customer trust.”

In a press statement, DBS chairman Peter Seah apologised for the digital banking disruptions.
“With the incidents of the past year, we have failed to live up to these expectations, and have also fallen short of our own standards. As an acknowledgement that the bank could have done better, senior management will be held accountable, and this will be reflected in their compensation,” he said.
He added that, in the past few months, DBS has been trying to strengthen its resiliency and business continuity, and to be able to recover more quickly when incidents happen.
“This is a work in progress, and we seek customers’ patience as we work through our remedial actions,” Mr Seah said.