An announcement on OCBC’s website earlier on Monday also said that all banking services were affected.
“We are experiencing network issues at the moment. All of our banking services are down,” said OCBC.
“We are sorry for the inconvenience and are working to bring things back to normal.”
According to updates from the bank on Facebook, card and branch services were restored at 10.33am, while ATM services were back up at 10.37am.
“Channels that are still impacted are internet banking, mobile banking, as well as Velocity,” said an OCBC spokesperson earlier on Monday.
The spokesperson added that customers could still visit its branches for urgent transactions.
The spokesperson added that the bank was on standby to deploy additional resources at branches and extend branch banking hours to support customers.
Commenting on OCBC’s Facebook post, some customers noted that their credit card payments were declined and that they were unable to withdraw cash.
One customer said that her payment for an online doctor consultation could not go through.
Another said: “Have breakfast with a client, used credit card and then atm card to pay bills, all declined.”
Several also said that it was embarrassing for them when their credit card transactions were declined.
CNA has reached out to the Monetary Authority of Singapore (MAS) for comment.
In May, DBS online banking and payment services were disrupted for the second time in less than two months, with preliminary investigations linking the cause to human error.
In the wake of the two service disruptions, MAS imposed an additional capital requirement on Singapore’s largest lender.
The bank will now need to apply a multiplier of 1.8 times to its risk-weighted assets for operational risk, bringing its total additional regulatory capital to approximately S$1.6 billion (US$1.2 billion).
This is up from the multiplier of 1.5 times – translating to S$930 million – imposed by MAS in February 2022 after DBS was also hit by a major, two-day disruption in November 2021.