PANews, September 14: According to the Cambodia-China Times, the payment service license of CoolCash (Xiao Yi Pay), a subsidiary of Tianxu International Technology Co., Ltd., has been revoked, and the company has entered liquidation proceedings. The company and its director, Pang Weizhi, were added to the UK government’s sanctions list in March this year due to alleged ties with the Taizi Group. The license, issued on May 27, 2024, was originally valid until 2030. UK sanctions documents indicate that Pang Weizhi holds Cambodian and Chinese nationalities, is known in Khmer as Pang Visal, and serves as a director of Tianxu International Technology and U-Life KH Super App Company Limited, the parent company of WOWNOW.
Cambodia Revokes License of CoolCash's Parent Company Amid Ties to Tai Po Group
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Summary
Tian Xu, the parent company of Cambodia’s CoolCash, has lost its payment license amid concerns over counter-financing of terrorism. The UK has sanctioned its director, Pang Weizhi, over connections to the Tai Po Group, further complicating liquidity and crypto markets in the region. The license, issued in May 2024 for a six-year term, is now void as the company enters liquidation. Pang, who is also linked to the parent company of WOWNOW, holds dual citizenship in Cambodia and China.
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