Apimeds Pharmaceuticals US, Inc. (NYSE American: APUS) announced that its wholly owned subsidiary, MindWave Innovations Inc. USA, has entered into a shareholders and joint venture agreement with Singapore-based Skalup Capital Pte Ltd to establish an insurance and technology business in Bermuda under the working brand Monaco Insurance, subject to regulatory approval.
Under the agreement, MindWave will hold 75% of the venture’s common equity, while Skalup will hold 25%. The proposed business will combine MindWave’s blockchain infrastructure and digital-asset-backed capital through staking with Skalup’s underwriting expertise and regulatory support. The venture plans to pursue licensing from the Bermuda Monetary Authority (“BMA”), with initial business lines focused on life annuity products and general insurance.
MindWave will lead technology development, including blockchain-based systems designed to digitize insurance contracts, policies and claims processes through its MindChain ecosystem. Skalup will support licensing applications and oversee underwriting operations once regulatory approvals are obtained. The partners also intend to explore reinsurance opportunities through globally rated markets. MindWave will retain ownership of its underlying technology and intellectual property, licensing its use to the venture.
Initial activities will focus on incorporation, business planning, licensing applications and platform development, with insurance operations contingent on obtaining the required approvals. The full details of the announcement can be found in the full press release, and ongoing updates regarding APUS are available in its newsroom.
This joint venture is significant because it represents a notable step in the convergence of blockchain technology and traditional insurance. By leveraging Bermuda’s regulatory framework, which is well-regarded in the insurance and reinsurance industry, MindWave aims to bring efficiency and transparency to insurance processes. If successful, the venture could serve as a model for other companies looking to digitize legacy systems. However, the venture faces regulatory risks, as it must obtain approval from the Bermuda Monetary Authority before commencing operations. The announcement was distributed through TechMediaWire, a platform focused on technology companies, which is part of the Dynamic Brand Portfolio at IBN. TechMediaWire utilizes InvestorWire for wire solutions and offers editorial syndication to 5,000+ outlets, among other services. For more information, readers can refer to the TechMediaWire disclaimer.
