MindWave Innovations Inc. USA and Skalup Capital Singapore Form Bermuda Insurance Joint Venture, Pursue Insurance License with Bermuda Monetary Authority

MindWave will hold 75% of the venture upon formation, but insurance operations depend on incorporation and regulatory approvals.

Rhea-AI Summary

Apimeds Pharmaceuticals US (APUS) subsidiary MindWave Innovations signed a joint venture agreement with Skalup Capital to establish an insurance business in Bermuda. The proposed venture, working under the Monaco Insurance brand, will pursue licensing from the Bermuda Monetary Authority. Upon formation, MindWave will hold 75% of common equity and Skalup 25%.

MindWave will provide blockchain technology and digital-asset-based capital through staking for yield generation, retaining ownership of its underlying intellectual property. Skalup will support licensing and manage underwriting once operations commence. Planned business lines include life annuities and general insurance; the partners also intend to explore reinsurance capacity. Initial work covers incorporation, business plans, licensing applications and platform construction. Operations and product launches remain subject to incorporation and applicable regulatory approvals.

5 points · 0 major

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0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointSigned joint venture agreement establishes a path for MindWave’s planned insurance business with Skalup Capital.
• Minor point. Forward-looking: it has not happened yet and may not happen.75% common equity will belong to MindWave upon the venture’s formation.
• Minor point. Forward-looking: it has not happened yet and may not happen.Planned life annuity and general insurance business would expand MindWave’s activities into regulated insurance.
• Minor point. Forward-looking: it has not happened yet and may not happen.Reinsurance capacity is an opportunity the partners intend to explore within the approved business and licensing framework.
• Minor point. Forward-looking: it has not happened yet and may not happen.Underlying technology and intellectual property will remain MindWave-owned and be licensed to the venture.

Negative

• Minor pointIncorporation and applicable regulatory approvals remain prerequisites for insurance operations and product launches.
• Minor point. Forward-looking: it has not happened yet and may not happen.Digital-asset-based capital through staking will be provided by MindWave for the venture’s yield generation.
• Minor pointBoard approval is still required for detailed business plans, distribution strategies and regulatory milestones.

News Explained

Although MindWave is slated to hold 75% of the venture’s common equity upon formation, key strategic decisions require both parties’ consent, so MindWave will not have unilateral authority over those decisions.

Key Figures

Common equity split: MindWave 75%; Skalup 25%

Common equity split

MindWave 75%; Skalup 25%

Upon venture formation

Key Terms

blockchain, staking, underwriting, reinsurance

4 terms

blockchain technical

"MindWave’s blockchain technology and digital infrastructure"

A blockchain is a digital record-keeping system that securely stores information across many computers, making it difficult to alter or tamper with. Think of it like a shared, unchangeable ledger that everyone can see and verify, ensuring transparency and trust. For investors, this technology offers a way to securely track transactions and assets without relying on a central authority, potentially reducing costs and increasing security.

View in glossary

staking financial

"digital-asset-backed capital, in the form of staking"

Staking is the practice of locking up digital tokens to help run a blockchain network in return for rewards, similar to leaving money in a time deposit that pays interest while it’s unavailable. It matters to investors because staking can generate regular income and affect a token’s circulating supply and price, but it also ties up assets and can carry risks like lock-up periods, reduced liquidity, or technical and platform failures.

View in glossary

underwriting financial

"Skalup’s underwriting expertise and regulatory support"

Underwriting is the process where a financial institution agrees to buy and then resell new stocks or bonds to investors. It matters because it helps companies raise money quickly and smoothly, while the bank takes on the risk of selling those securities at the agreed price. Think of it like a booker guaranteeing to sell all tickets for a concert before opening the doors.

View in glossary

reinsurance financial

"develop reinsurance capacity through globally rated reinsurance markets"

Reinsurance is when insurance companies buy insurance for themselves to protect against very big losses. It’s like a car owner getting extra coverage from another company so that if there's a serious accident, the financial hit isn’t all on one company. This helps insurance companies stay stable and able to pay out when disasters happen.

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Joint venture pairs MindWave’s blockchain infrastructure and digital-asset-backed capital, in the form of staking, with Skalup’s insurance expertise to build reinsurance capacity in one of the world’s leading insurance markets

MATAWAN, N.J., Nov. 09, 2026 (GLOBE NEWSWIRE) -- via IBN — MindWave Innovations Inc. USA (“MindWave”), a wholly owned subsidiary of Apimeds Pharmaceuticals US, Inc. (NYSE American: APUS), 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-assetbacked capital, in the form of staking, with Skalup’s insurance expertise, we aim to build a foundation for long-term growth in Bermuda.”

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-assetbased 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.

Insurance Expertise Meets Blockchain Infrastructure

The venture’s planned business lines are life annuity products and general insurance, with detailed business plans, distribution strategies and regulatory milestones to be developed and approved by its board. The partners also intend to explore opportunities to develop reinsurance capacity through globally rated reinsurance markets, within the approved business and licensing framework.

MindWave will develop blockchain-based systems to support the digitization and management of insurance contracts, policies and claims processes. The platform is intended to improve transparency, traceability and operational efficiency and to integrate the MindChain ecosystem, with implementation details to be established through further technical arrangements and applicable regulatory requirements.

MindWave will retain ownership of its underlying technology and intellectual property and will license its use, powered by MindChain, to the venture. MindWave will appoint the Chief Technology Officer, while the parties will jointly appoint the Chief Financial Officer. Key strategic decisions will require both parties’ consent under the agreement’s governance provisions.

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.

About MindWave Innovations Inc.

MindWave Innovations Inc. USA, a wholly owned subsidiary of Apimeds
Pharmaceuticals US, Inc. (NYSE American: APUS), develops technology infrastructure and digital solutions for blockchain-enabled applications, data-driven platforms and emerging commercial ecosystems.

Through projects such as Monaco Insurance, MindWave is expanding the application of its technology into regulated insurance, reinsurance capacity and on-chain policy management.

For more information, visit https://www.mindwaveinnovations.com/

About MindChain

MindChain is a blockchain infrastructure developed within the MindWave ecosystem to support transparent, traceable and verifiable digital transactions. It is designed to provide the underlying ledger capabilities required for applications involving digital assets, registries, tokenized ecosystems and decentralized services.

About Skalup Capital Pte Ltd

Skalup Capital Pte Ltd is a Singapore-based holding company whose team brings more than 20 years of insurance experience, operations across 18 countries and more than US$400 million in assets under management.

Forward-Looking Statements

This announcement contains forward-looking statements regarding the formation, licensing, capitalization and operation of the joint venture, its reinsurance capacity and revenue potential, the custody and staking of digital assets, the development of its technology platform, and its planned insurance products. These statements are subject to risks and uncertainties, including incorporation and regulatory approval in Bermuda, digital asset price volatility, custody and staking risks, development timelines, underwriting performance and market acceptance. Actual results may differ materially from those expressed or implied. The company undertakes no obligation to update these statements except as required by applicable law.

Media and Investor Relations

MindWave Innovations Inc.

Corporate Communications:

IBN.Ai Austin, Texas

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512.354.7000 Office

Editor@IBN.Ai

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership will APUS subsidiary MindWave have in the Monaco Insurance venture?

Upon formation, MindWave will own 75% of the venture’s common equity, while Skalup Capital will own 25%.

What approvals does MindWave’s Bermuda insurance venture need before launching?

Insurance operations and product launches are subject to incorporation and applicable regulatory approvals. The proposed venture will pursue the necessary insurance licensing from the Bermuda Monetary Authority.

Who will control strategic decisions and executive appointments at MindWave’s insurance venture?

Key strategic decisions require both parties’ consent under the agreement’s governance provisions. MindWave will appoint the Chief Technology Officer, while MindWave and Skalup will jointly appoint the Chief Financial Officer.