CoolCash Parent Company Loses Payment License and Enters Liquidation

The payment service provider license of CoolCash's parent company, Tianxu International Technology Co., Ltd., has been revoked by the National Bank of Cambodia and is now entering liquidation proceedings. The company and its director, Pang Weizhi, were placed on the UK sanctions list in March this year due to their association with the Prince Group. The National Bank of Cambodia revoked Tianxu International Technology's payment service provider license on August 3, which was originally issued on May 27, 2024, and was valid until 2030. The bank appointed Morrison Kak MKA auditing firm as the liquidator in accordance with Article 68 of the Law on Banks and Financial Institutions to handle the liquidation matters and return relevant funds to the company's clients in the order prescribed by law. The UK sanctions document indicates that Pang Weizhi holds Cambodian and Chinese nationality and serves as a director of Tianxu International Technology and U-Life KH Super App Company Limited, the parent company of Elephant Delivery. The UK claims to have reasonable grounds to suspect his association with the Prince Group, which has previously provided financial services or funds, economic resources, goods, or technology to the group. The UK alleges that the Prince Group is involved in operating scam centers in Cambodia, with instances of forced labor and serious human rights violations.

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