A Report by CYS Global Remit FinTech Development Unit
The Monetary Authority of Singapore (MAS) has confirmed that major financial institutions in Singapore experienced minimal to no disruption in customer services and key operations following the outage. MAS had requested these institutions to report any impact resulting from the incident.
The outage, caused by a Microsoft-CrowdStrike issue that began in the early hours of July 19, affected internal systems across multiple sectors, including finance, healthcare, and logistics, raising concerns about operational continuity and cybersecurity.
Despite some institutions encountering issues with their internal systems, critical functions remained operational. Notably, MAS systems, including the MAS Electronic Payment System (MEPS+), which manages real-time gross settlements for SGD payments, were unaffected by the outage.
As a precaution, MAS extended MEPS+ operating hours by two hours, until 9 pm, to ensure smooth payment settlements. The Singapore Dollar (SGD) money market and foreign exchange market continued to operate normally.
Although the SGX post-trade system experienced a temporary disruption, other essential trading and clearing services were not impacted. MAS continues to closely monitor the situation and is ready to address any further developments.
CYS Global Remit reported no disruptions to its operations but remains vigilant and ready to react swiftly to any cybersecurity incidents. CYS Global Remit is committed to maintaining strong cyber resilience and a robust business continuity plan to ensure uninterrupted business operations regardless of any crisis.
The article is published by Fintech News Singapore, a source of timely, deep insights and the latest local and global news about Fintech.
Source: Fintechnews.sg
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