ChainCatcher report: The payment service provider license of Tianxu International Technology Co., Ltd., the parent company of Cambodia’s payment platform CoolCash (Xiao Yi Pay), has been revoked by the National Bank of Cambodia, and the company has entered liquidation proceedings.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. On August 10, the National Bank of Cambodia announced that it had revoked Tianxu International Technology’s payment service provider license on August 3. The license, originally issued on May 27, 2024, was set to expire in 2030. Pursuant to Article 68 of the Law on Banks and Financial Institutions, the bank has appointed Morrison Kak MKA Audit Accountants as liquidator to oversee the liquidation process and return funds to the company’s customers in accordance with the legally prescribed priority order. UK sanctions documentation indicates that Pang Weizhi holds Cambodian and Chinese nationalities, with the Khmer name Pang Visal, and serves as a director of both Tianxu International Technology and U-Life KH Super App Company Limited, the parent company of Elemeat Delivery. The UK authorities state there are reasonable grounds to suspect his association with the Taizi Group and that he has provided financial services, funds, economic resources, goods, or technology to the group. The Taizi Group is alleged to operate fraudulent centers in Cambodia involving forced labor and serious human rights violations. Both Tianxu International Technology and Pang Weizhi have been designated as sanctioned entities, in their corporate and individual capacities, respectively.
Cambodian Bank Revokes Payment License of CoolCash's Parent Company and Initiates Liquidation
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Summary
The National Bank of Cambodia revoked the payment license of Tian Xu International Technology, parent company of CoolCash, and initiated liquidation under CFT regulations. Morrison Kak MKA Audit Firm was appointed to oversee the process and return customer funds. The firm and its director were sanctioned in March 2025 over alleged connections to a group accused of fraud and human rights abuses. This action impacts liquidity and crypto markets, as the firm had substantial regional operations.
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