The Cambodian financial sector is facing a significant regulatory shift as Tianxu International Technology Co., Ltd., the parent entity behind the payment platform CoolCash (Xiao Yi Pay), has seen its payment services provider license revoked. This administrative action, reported on September 14, 2026, has forced the company into immediate liquidation proceedings. The move follows intense international scrutiny regarding the firm's alleged associations with organized business syndicates and the subsequent imposition of government sanctions.
Sanctions and Ties to Prince Group
The regulatory downfall of CoolCash is closely linked to its director, Pang Weizhi (also known by the Cambodian name Pang Visal), who holds dual Cambodian and Chinese nationality. In March 2024, the United Kingdom government added both Pang and Tianxu International to its official sanctions list. The UK authorities cited reasonable grounds to suspect Pang’s involvement with the Prince Group, an organization that has been under investigation for various financial irregularities.
According to official documents, the allegations against the leadership include:
- The provision of funds and financial resources to entities associated with the Prince Group.
- Directorship roles in multiple interconnected firms, including U-Life KH Super App Company Limited, the parent of the WOWNOW platform.
- Potential involvement in complex financial structures designed to obscure the flow of capital.
Liquidation and Impact on Digital Payments
The revocation of the license is a notable reversal for Tianxu International Technology. The operational permit was originally issued on May 27, 2024, and was intended to remain valid until 2030. The sudden termination of this license underscores the increasing pressure on Southeast Asian fintech providers to adhere to global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards. As the liquidation process begins, the local payment landscape may see a redistribution of users toward other blockchain-integrated mobile wallets and digital banking services that maintain strict compliance with international regulatory frameworks.
The case serves as a stern reminder for investors and participants in the digital asset and fintech sectors regarding the risks associated with regulatory non-compliance. As Cambodian authorities and international bodies like the UK government tighten their oversight of payment gateways and cross-border transactions, the emphasis on transparency and legal standing remains paramount. The outcome of the liquidation proceedings will likely determine the recovery of assets and the future of CoolCash’s technological infrastructure.
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