MindWave Innovations Inc., a U.S.-based technology company and subsidiary of Apimeds Pharmaceuticals US, has entered into a joint venture agreement with Singapore-based Skalup Capital to establish a new insurance and technology business in Bermuda, subject to regulatory approval.
The proposed venture, operating under the working brand Monaco Insurance, will combine blockchain infrastructure, insurance underwriting expertise and digital asset-based capital to develop insurance products and explore opportunities in the global reinsurance market.
The agreement marks an expansion of MindWave’s technology operations into regulated financial services, with a particular focus on digitizing insurance contracts, policy administration and claims management through its proprietary MindChain ecosystem.
MindWave and Skalup Combine Technology and Insurance Expertise
Under the shareholders’ and joint venture agreement, MindWave will contribute its blockchain technology, digital infrastructure and proposed digital asset-based capital arrangements. Skalup Capital will provide insurance industry expertise, underwriting capabilities and regulatory support.
Apimeds Pharmaceuticals, which is listed on the New York Stock Exchange, is a clinical-stage biopharmaceutical company developing Apitox, a bee venom-derived treatment for knee osteoarthritis. Through its wholly owned subsidiary MindWave Innovations, the company also operates digital asset treasury initiatives and is expanding its technology activities into additional business sectors.
The partnership aims to establish a regulated insurance business that uses blockchain technology to improve the management, transparency and efficiency of insurance operations.
Upon completion of the venture’s formation, MindWave will own 75% of the common equity, while Skalup will hold the remaining 25%. MindWave will oversee technology deployment and provide digital asset-based capital through staking arrangements intended to generate yield.
Skalup will concentrate on developing the underwriting business. Its responsibilities will include preparing actuarial assessments, underwriting documentation and regulatory materials required for the licensing application. Following the commencement of operations, Skalup will manage underwriting activities, leverage its group relationships and distribution channels, and collaborate with MindWave on insurance product development.
Monaco Insurance Targets Life Annuities and General Insurance
The proposed company plans to introduce life annuity products and general insurance offerings. It also intends to investigate opportunities to establish reinsurance capacity through relationships with globally rated reinsurance markets.
The partners will develop detailed business plans, distribution strategies, and regulatory milestones for the proposed insurance activities. These plans will require approval from the venture’s board and must remain within the scope of the applicable regulatory framework.
The company will seek the necessary insurance licenses from the Bermuda Monetary Authority. Its incorporation, insurance operations, and product launches will depend on obtaining the required regulatory authorizations.
The agreement establishes a framework for the two companies to develop the business while ensuring that its activities comply with Bermuda’s insurance regulations.
MindChain to Digitize Insurance Contracts and Claims
A central component of the partnership will be MindWave’s MindChain blockchain ecosystem, which will provide the technological infrastructure for the proposed insurance business.
MindWave plans to develop blockchain-based systems for digitizing insurance contracts, policies, and claims processes. The technology is intended to improve transparency, traceability, and operational efficiency by creating verifiable digital records of insurance-related transactions.
MindChain is an infrastructure developed within the MindWave ecosystem to support transparent and verifiable digital transactions. Its underlying ledger technology is designed to accommodate applications involving digital assets, registries, tokenized ecosystems, and decentralized services.
MindWave will retain ownership of its underlying technology and intellectual property while licensing the MindChain-powered infrastructure to Monaco Insurance for its insurance operations.
The implementation details will be established through further technical arrangements and will remain subject to applicable regulatory requirements.
Governance and Development Timeline
The agreement also outlines the proposed venture’s management structure. MindWave will appoint the chief technology officer, while both partners will jointly select the chief financial officer. Major strategic decisions will require the consent of both parties under the agreed governance provisions.
The initial development phase will focus on incorporating the business in Bermuda, preparing detailed business plans, completing licensing applications, and building the required technology platform.
The operational phase will begin after incorporation and receipt of the necessary regulatory approvals.
The partnership represents MindWave’s effort to extend blockchain infrastructure into traditional insurance services while combining digital asset-based capital with established underwriting capabilities.
The venture’s longer-term progress will depend on regulatory approvals, successful technology implementation, and its ability to develop commercially viable insurance and reinsurance operations within Bermuda’s financial services framework.
