The National Bank of Cambodia (NBC) has revoked the payment service provider licence of Tian Xu International Technology Plc, the company identified as operating CoolCash Cambodia, and appointed a liquidator to oversee the company’s winding up and customer repayments.
The licence was revoked on August 3, more than two years after it was issued on May 27, 2024. The NBC did not disclose the reason for the decision, stating only that the revocation was made in accordance with applicable laws and regulations.
Key Facts
| Category | Details |
|---|---|
| Company | Tian Xu International Technology Plc |
| Payment service | CoolCash Cambodia |
| Regulator | National Bank of Cambodia |
| Licence | Payment service provider licence |
| Licence issued | May 27, 2024 |
| Licence revoked | August 3, 2026 |
| Liquidator | Morisonkak MKA Audit-Accounting |
| Customer process | Fund withdrawal and account closure |
| Reason disclosed | No specific reason given by NBC |
NBC Revokes Tian Xu’s Payment Service Licence
The NBC’s latest notice confirmed that Tian Xu International Technology Plc’s payment service provider licence had been revoked.
The central bank did not explain the circumstances behind the decision. Instead, its notice stated that the action was taken in accordance with relevant laws and regulations.
The decision makes Tian Xu the latest financial services company affected by regulatory action from the central bank this year.
Unlike several recent cases involving commercial banks, however, Tian Xu operated as a payment service provider, making the case different in terms of the institution involved and the subsequent liquidation process.
Liquidator Appointed to Handle Customer Repayments
The NBC appointed Morisonkak MKA Audit-Accounting as the liquidator for Tian Xu International Technology Plc under Article 68 of Cambodia’s Law on Banking and Financial Institutions.
The liquidator will oversee the winding up process, including repayments to customers. Those repayments will be handled according to the priority order established under the banking and financial institutions law.
For customers and other parties holding balances with the company, the liquidation process is therefore the key next stage following the licence revocation.
CoolCash Customers Had Already Been Told to Withdraw Funds
Although the NBC's licence revocation notice did not mention CoolCash by name, a separate notice issued by Tian Xu on July 24 identified the company as CoolCash and was published through the official CoolCash Cambodia Facebook page.
That notice instructed agents, merchants and customers with balances in their CoolCash accounts to submit applications to withdraw their funds and close their accounts by July 30.
Applicants who had not completed the process were instructed to visit Tian Xu’s head office in Phnom Penh on working days, Monday through Friday, with valid identification and other required documents for verification.
The notice also stated that agents, merchants and customers who missed the deadline would be subject to separate procedures.
Timeline Raises Questions About the Relationship Between the Two Actions
The timing is notable.
Tian Xu announced the withdrawal and account closure process on July 24, while the NBC formally revoked the company's payment service provider licence on August 3.
However, the available notices do not establish whether the two actions were directly connected.
The NBC did not explain the reason for the licence revocation, nor did its notice state whether the previously announced CoolCash withdrawal process resulted from or was related to the subsequent regulatory decision.
That distinction is important because the available information confirms the sequence of events but does not establish the underlying cause.
More Financial Institutions Face Regulatory Action
The Tian Xu case comes amid a broader series of licence revocations by the NBC.
According to the source report, the central bank also revoked the licences of Prince Bank Plc and Panda Commercial Bank Plc this year. In August, it revoked the licences of CCU Commercial Bank Ltd, Heng Feng (Cambodia) Bank Plc and HH Bank (Cambodia) Plc, placing those three banks into liquidation.
The Tian Xu case differs from those bank closures because Tian Xu was a payment service provider rather than a commercial bank. Its liquidation is now being handled by Morisonkak MKA Audit-Accounting, including the process for customer repayments.
What the Licence Revocation Means for Customers
For former CoolCash customers, agents and merchants, the immediate concern is access to funds and completion of the account closure process.
The appointment of a liquidator provides a formal mechanism for handling the company's remaining obligations. However, the source does not provide details on the total amount of customer funds involved, the number of affected accounts or the expected timeline for repayments.
Those details will therefore need to come from further announcements by the NBC, the liquidator or Tian Xu.
Angkor Times Analysis
The Tian Xu case highlights the growing importance of regulatory oversight as Cambodia's financial sector becomes increasingly digital. Payment service providers play a direct role in everyday transactions, meaning licence decisions can affect customers and businesses even when the institution is not a traditional commercial bank.
The most important issue now is transparency around the liquidation process. The NBC has confirmed the licence revocation and appointment of a liquidator, but it has not publicly stated the reason for the revocation in the notice cited by the source. Clear information about customer claims, repayment procedures and timelines will therefore be important for affected users.
The development also comes as Cambodia continues expanding digital payments and financial technology. Angkor Times has reported on the country's wider push toward digital payments, e commerce and interoperable financial systems, making strong regulatory oversight increasingly important to maintaining confidence in digital financial services.
Cambodia’s Digital Payment Expansion Raises the Importance of Trust
The broader financial technology environment is expanding rapidly, with digital payments becoming increasingly important to Cambodia's digital economy.
Recent Angkor Times coverage has highlighted efforts to strengthen digital payment infrastructure as part of Cambodia's wider digital trade strategy. Cambodia Pushes Private Sector to Drive Digital Trade Growth Toward 2030
At the regional level, Cambodia is also participating in a broader move toward interoperable digital payment systems and cross border digital commerce. ASEAN’s $2 Trillion Digital Future: Where Does Cambodia Fit?
For this ecosystem to expand sustainably, consumers and businesses need confidence that licensed providers operate under clear rules and that effective procedures exist when a provider exits the market.
What Happens Next?
The liquidation process is now the key development to watch.
Morisonkak MKA Audit-Accounting will oversee the liquidation and customer repayments in accordance with the applicable legal priority order. Customers and other affected parties who have not completed the earlier withdrawal and account closure process may need to follow the procedures established by the liquidator and relevant authorities.
Further information will be necessary to determine the scale of the impact and how quickly outstanding customer funds can be resolved.
FAQs
Why did the NBC revoke Tian Xu’s licence?
The NBC notice did not disclose a specific reason. It said the decision was made in accordance with applicable laws and regulations.
What company operated CoolCash Cambodia?
The source identifies Tian Xu International Technology Plc as the company operating CoolCash Cambodia.
When was Tian Xu’s licence revoked?
The NBC revoked the payment service provider licence on August 3, 2026.
Who is handling the liquidation?
Morisonkak MKA Audit-Accounting was appointed as the liquidator.
What happens to customer funds?
Customer repayments will be handled through the liquidation process according to the priority order established under Cambodia’s Law on Banking and Financial Institutions.
Were CoolCash customers previously told to withdraw their money?
Yes. A July 24 notice instructed agents, merchants and customers with CoolCash balances to apply to withdraw their funds and close their accounts by July 30.
Was the CoolCash withdrawal process definitely caused by the NBC licence revocation?
The available information does not establish that connection. The withdrawal notice came before the August 3 licence revocation, but the NBC did not state whether the two events were related.