#448 - DBS Services Down in Major Disruption & Flash Coffee Abruptly Quits Singapore

Over the weekend, retailers and consumers had their plans disrupted by a major outage of DBS’ banking services, which was allegedly caused by an issue at a data centre. Why did one bank’s outage have such a big ripple effect on Singapore? This same week, Flash Coffee suddenly shut down all 11 local outlets, leaving its workers with unpaid salaries and CPF. Did they do anything wrong in filing for liquidation?

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DBS Services Down in Major Disruption

• DBS, Citi restoring banking services following disruptions on Saturday; DBS ATMs all up
• DBS, Citi resume banking services following earlier outage
• DBS outage caused by data centre issue, services to be 'progressively restored' from 7pm
• DBS may see reduced excess capital, reputation risk and higher opex after latest outage: Citi
• 'I Need Help, I'm Legit Starving': DBS Customers Say They Couldn't Pay For Food During Outage
• [May 2023] MAS ups DBS' additional capital requirement to S$1.6 billion after successive disruptions
• [Feb 2022] MAS hits DBS with additional capital requirement of S$930 million after November's digital banking outage - CNA

Flash Coffee Abruptly Quits Singapore

• Flash Coffee shuts down all 11 outlets in Singapore; union helping members with salary-related claims
• Flash Coffee closes all 11 S'pore outlets citing 'liabilities'; ex-staff say salaries had been paid late for months
• Flash Coffee's employees owed salaries, CPF contributions after sudden closure of all Singapore outlets: Union
• [May 2023] Flash Coffee raises US$50M funding - targets profitability in 2024
• [Aug 2022] Flash Coffee is at the heart of a coffee revolution that’s taking Asia by storm | Robb Report Singapore

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