This legal update examines the recent judicial developments concerning the interpretation of “carrying on a business” under the Payment Services Act 2019 (“PS Act”), which is critical in determining whether licensing obligations under the PS Act are triggered. By examining the recent Singapore High Court case of Chang Jiunn Jye v Public Prosecutor [2025] SGHC 225 (“Chang Jiunn Jye”), we highlight the key takeaways for businesses and individuals in assessing their regulatory exposure and licensing risks, when evaluating activities involving payment services in Singapore.
Please find the full update attached.