Malaysian authorities probing service outages in two local banks

The banks are required to give a full explanation of what led to the incidents.

Malaysia’s central bank is probing two of the country’s largest banks for recent service outages.

In a statement posted on its website, the Bank Negara Malaysia said that it has required the banks to provide a full explanation of the root cause leading to the incidents.

The banks are also required to tell authorities of “corrective and preventive measures undertaken to avoid a recurrence of similar issues.”

ALSO READ: BPI Private Wealth aims to double assets and capture 25% local HNW market

“Bank Negara Malaysia (BNM) takes a serious view of the recent banking services outages by two of our largest banking institutions which have caused disruptions and inconvenience to customers,” the central bank stated.

BNM said that it expects all banking institutions to maintain high availability of banking services at all times.

“BNM will not hesitate to take further supervisory actions where the banks have fallen short of our regulatory and supervisory expectations,” it warned.

Also Read

Streamline your bank with Appian: How low-code automation can fuel digital transformation

ICBC Asia warns against phishing SMS message

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit