MindWave Innovations Inc., a U.S.-based technology company and wholly owned subsidiary of Apimeds Pharmaceuticals US, has signed a joint venture agreement with Singapore-based Skalup Capital to establish a new insurance and technology business in Bermuda, pending regulatory approval.

The venture, which will operate under the working brand Monaco Insurance, is designed to bring together blockchain infrastructure, insurance underwriting expertise, and digital asset-based capital. The partners plan to develop insurance products and evaluate opportunities in the global reinsurance market.

The agreement signals 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 the company's proprietary MindChain ecosystem.

Complementary Roles in Technology and Underwriting

Under the shareholders' and joint venture agreement, MindWave will contribute its blockchain technology, digital infrastructure, and proposed digital asset-based capital arrangements, while Skalup Capital will supply 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 treatment for knee osteoarthritis derived from bee venom. Through its wholly owned subsidiary MindWave Innovations, the company also runs digital asset treasury initiatives and is broadening its technology activities into additional business sectors.

Under the terms of the deal, MindWave will hold 75% of the venture's common equity once formation is complete, with Skalup holding the remaining 25%. MindWave will be responsible for technology deployment and will provide digital asset-based capital through staking arrangements intended to generate yield. Staking, in general blockchain usage, involves committing digital assets to support network operations, with participants able to receive yields on the committed amounts.

Skalup will concentrate on building the underwriting side of the business. Ahead of launch, its responsibilities include preparing the actuarial assessments, underwriting documentation, and regulatory materials required for the licensing application. Once operations begin, Skalup will manage underwriting activities, draw on its group relationships and distribution channels, and work with MindWave on insurance product development.

Life Annuities, General Insurance, and Reinsurance Plans

Monaco Insurance plans to introduce life annuity products and general insurance offerings. The company also intends to explore establishing reinsurance capacity through relationships with globally rated reinsurance markets.

The partners will prepare detailed business plans, distribution strategies, and regulatory milestones for the proposed insurance activities. These plans must be approved by the venture's board and remain within the scope of the applicable regulatory framework.

The new company will apply for the necessary insurance licenses from the Bermuda Monetary Authority, Bermuda's integrated regulator for financial services, in a jurisdiction that ranks among the world's leading international domiciles for insurance and reinsurance companies. Its incorporation, insurance operations, and product launches are all contingent 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 Infrastructure to Digitize Policies and Claims

At the core of the partnership is MindWave's MindChain blockchain ecosystem, which will serve as the technological foundation for the proposed insurance business.

MindWave plans to build 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 use in its insurance operations. Implementation details will be established through further technical arrangements and will remain subject to applicable regulatory requirements.

Governance Structure and Development Timeline

The agreement also outlines the proposed venture's management structure. MindWave will appoint the chief technology officer, and the two 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 the receipt of the necessary regulatory approvals.

The partnership reflects MindWave's effort to extend blockchain infrastructure into traditional insurance services, pairing 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.