Cambodia’s central bank has revoked the payment service provider license of Tianxu International Technology Co., Ltd., the parent company of payment platform CoolCash, also known as Xiaoyi Pay, and placed the company into liquidation. According to a notice issued on the 10th, the National Bank of Cambodia said the license was revoked on Aug. 3. The license had originally been granted on May 27, 2024, with validity through 2030. The central bank also appointed Morrison Kak MKA, an audit and accounting firm, as liquidator under Article 68 of the Law on Banking and Financial Institutions, with instructions to handle the liquidation and return relevant funds to customers in the legal order of priority. The development follows UK sanctions imposed in March on both Tianxu International Technology and its director Pang Weizhi. UK sanctions documents say Pang, who holds Cambodian and Chinese nationality and is also known in Khmer as Pang Visal, served as a director of Tianxu International Technology and U-Life KH Super App Company Limited, the parent of food delivery platform Elephant Takeaway. The UK said it had reasonable grounds to suspect links to Prince Group.
The National Bank of Cambodia has revoked the payment service provider license held by Tianxu International Technology Co., Ltd., the parent company of Cambodian payment platform CoolCash, also known as Xiaoyi Pay, and has placed the company into liquidation.
In a notice issued on the 10th, the central bank said it revoked Tianxu International Technology’s payment service provider license on Aug. 3. The license had been issued on May 27, 2024, and was originally valid until 2030.
The bank also said it appointed Morrison Kak MKA, an audit and accounting firm, as liquidator under Article 68 of the Law on Banking and Financial Institutions. The firm will handle the liquidation process and return relevant funds to the company’s customers in the order of priority required by law.
Tianxu International Technology and its director Pang Weizhi were already placed on the UK sanctions list in March this year after being accused of links to Prince Group.
According to UK sanctions documents, Pang holds Cambodian and Chinese nationality and is identified in Khmer as Pang Visal. He serves as a director of Tianxu International Technology and of U-Life KH Super App Company Limited, the parent company of Elephant Takeaway.
The UK said it had reasonable grounds to suspect that Pang was associated with Prince Group and had provided the group with financial services, or funds, economic resources, goods, or technology.
The UK also said Prince Group was involved in operating scam centers in Cambodia where forced labor and serious human rights abuses took place. Tianxu International Technology and Pang Weizhi were sanctioned separately as a corporate entity and as an individual.
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