Proposed Monaco Insurance Venture Announced
MindWave Innovations and Singapore-based Skalup Capital have entered into an agreement, with plans to establish a Bermuda-based insurance and technology business under the proposed brand Monaco Insurance, subject to regulatory approval.
A spokesperson said, “MindWave Innovations Inc. USA [MindWave], a wholly owned subsidiary of Apimeds Pharmaceuticals US, Inc. has entered into a Shareholders’ and Joint Venture Agreement with Singapore-based Skalup Capital Pte Ltd [Skalup] to establish an insurance and technology business in Bermuda under the working brand Monaco Insurance, subject to final regulatory approval.
“The agreement brings together MindWave’s blockchain technology and digital infrastructure with Skalup’s underwriting expertise and regulatory support. The proposed venture will pursue the necessary insurance licensing from the Bermuda Monetary Authority [BMA]. Insurance operations and product launches will be subject to incorporation and applicable regulatory approvals.”
“This agreement creates a pathway to apply MindWave’s technology within a regulated insurance business,” said Dr. Vin Menon, Chief Executive Officer of MindWave Innovations. “By combining our blockchain infrastructure and proposed digital-asset backed capital, in the form of staking, with Skalup’s insurance expertise, we aim to build a foundation for long-term growth in Bermuda.”
A spokesperson added, “Upon formation, MindWave will hold 75% of the venture’s common equity and Skalup will hold 25%. MindWave will lead technology deployment and provide digital-asset based capital, in the form of staking, for yield generation. Skalup will focus on building a disciplined underwriting business supported by dependable technology. It will support the licensing application through actuarial, underwriting and regulatory documentation and, once operations commence, will manage underwriting, draw on its group relationships and distribution channels, and work with MindWave to develop insurance products within the approved regulatory framework.
“The initial phase will focus on Bermuda incorporation, development of the business plans, preparation of licensing applications and construction of the technology platform. The operational phase will begin once incorporation is complete and the required regulatory approvals have been obtained.”
