CoolCash's parent company had its payment license revoked and has initiated liquidation
The payment service provider license of CoolCash (Xiao Yi Payment), the parent company of Tianxu International Technology Co., Ltd., has been revoked by the National Bank of Cambodia and has entered liquidation proceedings. The company and its director, Pang Weizhi, were included in the UK government's sanctions list in March this year due to alleged ties with the Prince Group.The National Bank of Cambodia announced on the 10th that it revoked the payment service provider license of Tianxu International Technology on August 3. This license was issued on May 27, 2024, and was originally valid until 2030. The bank also appointed Morrison Kak MKA Audit Accounting Firm as the liquidator in accordance with Article 68 of the Law on Banking and Financial Institutions to handle liquidation matters and return relevant funds to the company's clients in accordance with the legal priority order.UK sanction documents indicate that Pang Weizhi holds Cambodian and Chinese nationality, with the Cambodian name Pang Visal, and serves as a director of Tianxu International Technology and the parent company of Elephant Delivery, U-Life KH Super App Company Limited. The UK side claims to have reasonable grounds to suspect his ties with the Prince Group and that he has provided financial services or funds, economic resources, goods, or technology to the group. The UK side alleges that the Prince Group is involved in operating scam centers in Cambodia, which include forced labor and serious human rights violations. Tianxu International Technology and Pang Weizhi have been listed as targets of sanctions in both corporate and personal capacities.
