The Monetary Authority of Singapore (MAS) today, 19 July 2024, acknowledged a global outage impacting IT systems of various organizations worldwide, including those in Singapore. Despite this disruption, the Singapore Dollar (SGD) money market and foreign exchange market operated normally.
In response to the outage, MAS requested major financial institutions to report any impact. These institutions reported minimal or no impact on their customers and key operations. While some experienced disruptions to internal systems used by staff, all critical systems remained unaffected. Notably, access to the Singapore Exchange’s (SGX) post-trade system was temporarily disrupted, but other essential trading and clearing services continued without interruption.
MAS confirmed that its systems, including the MAS Electronic Payment System (MEPS+), which is the real-time gross settlement system for SGD payments, were not affected by the outage. As a precautionary measure, MAS extended the operating hours of MEPS+ by two hours to 9pm to ensure the smooth settlement of SGD payments by MEPS+ participants. The authority continues to monitor the situation closely to maintain financial stability.
This swift and effective response by MAS highlights the robustness of Singapore’s financial infrastructure. By ensuring that critical systems remained operational and extending MEPS+ operating hours, MAS demonstrated its commitment to maintaining seamless financial operations even amid global disruptions. This proactive approach mitigates potential risks and reassures stakeholders of the resilience of Singapore’s financial ecosystem.
The impact of such robust measures extends to cryptocurrency entities as well. The strong IT infrastructure and vigilant monitoring by MAS ensure that digital asset transactions remain secure and are protected from vulnerabilities arising from global IT outages. This reinforces Singapore’s position as a secure and reliable hub for both traditional and digital financial services. By safeguarding both sectors, MAS ensures that financial institutions and crypto entities can operate with confidence, knowing that systemic risks are being effectively managed.
Overall, MAS’s prompt action in addressing the global IT outage underscores its dedication to financial stability and operational continuity, providing confidence to both traditional financial markets and the burgeoning crypto industry. This incident serves as a testament to Singapore’s preparedness and resilience in the face of unforeseen global challenges.
(Source: https://www.mas.gov.sg/news/media-releases/2024/mas-statement-on-global-outage-affecting-it-systems)
