Cambodia Revokes Payment License of CoolCash Parent Company, Orders Liquidation

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 According to a notice issued on the 10th, the National Bank of Cambodia said the license was revoked on Aug. 3.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.