Hatten Land associate ECXX gets recognised market operator status

FINTECH company ECXX Global, an associate of Hatten Land, has been granted a recognised market operator (RMO) licence by the Monetary Authority of Singapore (MAS).

The licence recognises ECXX, which Hatten Land has a 19.3 per cent equity interest in, as a RMO in respect of operating an organised market for securities and collective investment schemes relating solely to capital markets products. This took effect from Jan 1.

The company is also exempted from complying with Section 7(1) of the Securities and Futures Act in respect of operating an organised market for collective investment schemes relating to non-capital markets products, Hatten added.

Section 7(1) states that a person must not establish or operate an organised market or hold itself out as operating an organised market, unless the person is an approved exchange or an RMO.

ECXX's digital asset exchange, ecxx.com, is built on blockchain technology and has a vision to become the "world's leading digital asset exchange", according to its website.

Shares of Hatten Land PH0 closed up 2 per cent at S$0.051 on Tuesday (Jan 4).