Minimal impact on Singapore financial institutions from Microsoft global outage, says MAS

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THE Monetary Authority of Singapore (MAS) reported that major financial institutions in Singapore suffered little or no disruption to customer services and key operations following a global IT outage.

MAS had asked these institutions to report the impact of the disruption.

The Microsoft-CrowdStrike outage, which began in the early hours of July 19, affected internal systems across multiple industries, including finance, healthcare, and logistics, raising concerns about business continuity and cybersecurity.

While some institutions have experienced issues with internal systems, critical functions have remained unaffected.

MAS systems, including the MAS Electronic Payment System (MEPS+), which handles real-time gross settlements for SGD payments, were also unaffected.

As a precaution, MAS has extended the opening hours of MEPS+ by two hours, until 9:00 p.m., to ensure smooth processing of payments.

The Singapore dollar (SGD) money market and foreign exchange market continued to operate normally.

There was a temporary disruption to the SGX post-trade system, but other essential trading and clearing services were unaffected.

MAS said it was closely monitoring the situation for any further developments.

Featured image credit: edited by Disinfect

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