Glad to hear your positive experiences. Could I share your feedback with a few colleagues in DBS here? As you say, it's about context. Here we keep pushing the

Glad to hear your positive experiences. Could I share your feedback with a few colleagues in DBS here? As you say, it's about context. Here we keep pushing the message that Singapore is an ideal place to do business, that the regulations are business-friendly, and the financial systems are efficient, well run and reliable, and this is largely true. A failure of this nature and size may be a blip in the Japanese or European markets, but it's also about perception. That takes a hit. It will affect the investment appetite, and our economy depends a lot on international business and money moving through our financial institutions. That's the first impact. More practically, and looking locally, about three-quarters of our GDP is in the services sector [1]. Pretty much everyone is banked, and payments are increasingly cashless. A lot of these payments (including salaries, payment for services like air-con repairs, etc.) go through our local equivalent of your UPI called PayNow, and DBS' PayNow systems were failing. I remember carrying cash in my wallet just a handful of times over the past couple of years, and I pay for pretty much everything electronically. So... these systems which failed are far more central to a well functioning economy here than in some other countries. That's the second impact. MAS (our regulator) is rightly concerned about the long-term implications. You can be sure they will have a thorough root-cause analysis. Some heads may roll. DBS will definitely be slapped with a multi-million dollar fine and be told to present a comprehensive plan to ensure this doesn't happen again. MAS will appoint people to oversee & manage how this is done, and knowing MAS they may start other audits to identify potential problems in other systems. They'll definitely be watching DBS closely, and they will probably look at other banks too. References: [1] https://www.singstat.gov.sg/modules/infographics/economy https://www.singstat.gov.sg/modules/infographics/economy