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. The venture, if approved, would pair MindWave’s blockchain infrastructure and digital-asset-backed capital through staking with Skalup’s underwriting expertise and regulatory support, marking a notable convergence of decentralized technology and traditional insurance.
Under the agreement, MindWave will hold 75% of the venture’s common equity, while Skalup will hold 25%. 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.
The ownership structure gives MindWave controlling interest and strategic direction, while Skalup’s minority stake ensures alignment of underwriting and regulatory responsibilities. 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. For a full press release, visit https://ibn.fm/el8k8.
The move could have significant implications for both the insurance and blockchain sectors. Bermuda is a well-established offshore insurance hub, and the BMA’s regulatory framework is respected globally. By seeking BMA licensing, the venture aims to operate within a regulated environment, potentially increasing institutional confidence in blockchain-based insurance solutions. If successful, Monaco Insurance could demonstrate how blockchain can streamline claims processing, reduce fraud, and improve transparency in policy management—areas where traditional insurers face persistent challenges. The use of digital-asset-backed capital through staking also introduces a novel funding mechanism for insurance, though it may attract regulatory scrutiny.
For Apimeds Pharmaceuticals, the joint venture represents a strategic expansion beyond pharmaceuticals into insurance technology, diversifying its business model. MindWave’s MindChain Layer 2 network and enterprise blockchain infrastructure are already positioned for regulated financial services and real-world asset tokenization. This venture could accelerate adoption of MindWave’s technology by providing a real-world use case in a regulated industry. The latest news and updates relating to APUS are available in the company’s newsroom at https://ibn.fm/APUS.
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Readers should note that the venture is subject to regulatory approval, and there is no guarantee that licensing will be obtained or that operations will commence. The insurance industry is highly regulated, and blockchain-based models face evolving legal and compliance landscapes. However, the partnership’s structure and focus on Bermuda suggest a calculated approach to navigating these challenges. For more information on TechMediaWire’s terms of use and disclaimers, visit https://www.TechMediaWire.com/Disclaimer.
