Listen to the audio version of this article (generated by AI).
Four days after their first gathering at the National Bank of Cambodia (NBC), Huione Pay and H-Pay customers returned Tuesday with little hope of recovering their funds, as only H-Pay users were offered a meeting with company representatives, leaving Huione Pay clients in the dark.
The second gathering drew around 200 Huione Pay and H-Pay customers as some of them mentioned that the NBC “failed” to provide a concrete solution or further details. Customers were instead advised to pursue legal action.
According to a Huione Pay and H-Pay customer, who was asked by the crowd to represent them in a meeting with the NBC this afternoon, H-Pay customers are required to submit their name, identification, and the amount of funds they kept in H-Pay.
The representative said the central bank would review their complaint and ask a representative from H-Pay to come in for further meetings to draw up a solution. He added that if H-Pay is able to confirm customer data, the NBC is expected to contact users to proceed with resolution.
However, there was no update resolution for Huione Pay customers.
This is not the first time that Huione Pay and H-Pay submitted their details. The customers of these two institutions said they had registered their names and personal information in December, but have yet to receive any response.
Some Cambodian account holders say they will continue to protest and may go to court if there is no resolution. Meanwhile, Chinese account holders plan to seek assistance from the Chinese Embassy in Cambodia.
For many, the situation has dragged on for three months, with their funds frozen in Huione Pay and H-Pay accounts. Some are now facing serious financial difficulties, particularly local business owners.
“[One] boss of [a] construction company might commit suicide because there is no money to pay workers. Workers do not think much, if they do not have money, they will protest. It is very dangerous. We live in fear,” said the owner of a construction company in Sihanoukville.
The owner, who requested anonymity, said her funds of $600,000 in Huione Pay are frozen. She employs around 700 to 800 workers.
Due to the frozen funds, she was forced to mortgage her house to pay salaries.
“They did not have any answers. I feel empty. I have worked for years to reach this level [in my business],” she added.
Another customer, who also requested anonymity, said the main issue was the lack of clear communication by the NBC in September 2024 when Huione Pay’s license was revoked. Customers were not properly informed by the NBC at the time, and also when the company said it was undergoing liquidation. “This was not effectively communicated [too].”
Huione Pay and affiliated companies were sanctioned by the United States last year for allegedly laundering billions of dollars linked to scam operations in Cambodia, as well as tens of millions for North Korean hacking groups. The NBC revoked Huione’s license in September 2024 and ordered its liquidation nine months afterward.
An investigation by CamboJA News found that the firm appeared to have rebranded as H-Pay during that period under a new management, before a nationwide rush of withdrawals occurred following the suspension of customer access to funds. The company has denied any involvement in criminal activities.
“We all know they are the same, but NBC told us Huione Pay and H-Pay are different, and they just thought H-Pay might be okay [to get the money back],” said a Chinese customer with about $210,000 kept in H-Pay.
The customer added that if he is unable to recover his funds, he may pursue legal action and seek assistance from the Chinese Embassy.
An NBC notice stated that they have received 1,297 claims from Huione Pay customers.
The NBC and the Chinese Embassy in Phnom Penh did not immediately respond to requests for comment, while government spokesperson Pen Bona declined to comment.
Last week, the parent company’s boss, Li Xiong, was extradited to China, with customers saying they have little hope of recovering their money, but would continue to pursue various options. A third gathering is expected to be held soon.
