Majic signs LOI to acquire majority interest in Bamboo Wellness

By Edlyn Cardoza

Majic Wheels, Corp., a Delaware corporation positioning itself as a player in the disruptive industries of FinTech and software development by means of acquisitions, announces it has signed a letter of Intent (“LOI”) with Bamboo Wellness Holdings Limited.

Bamboo Blockchain and Analytics Competency Center aim to create a holistic healthcare ecosystem that will drive a data-driven decision-making model. Supported by Artificial Intelligence and Machine Learning, the Bamboo ecosystem aims to drastically bridge the health protection gap and bring insurance to everyone.

“We have been following Majic’s journey for some time now and could not find a Company whose values and mission are more aligned with ours. Blockchain as a technological infrastructure to create value for users and shareholders is part of our DNA. With this first step towards becoming part of the Majic family, we expect our combined journey to take us further and higher than we ever imagined when we first started Bamboo,” said Ian Lim Teck Soon, Co-Founder & Executive Chairman of Bamboo Wellness Holdings Limited.

“Blockchain is the future and its successful implementation in the insurance industry is beyond a doubt the most impressive one so far. Insurance can easily be qualified as one of the most technophobic industries. Companies like Bamboo are part of the players spinning that narrative on its head. Strategically, this transaction can only further the Company’s plan to become a worldwide leader in the Fintech, Blockchain and Technology space.” said David Chong, Chief Executive Officer of Majic Wheels, Corp.

Majic Wheels Corp., a Delaware corporation, intends to position itself as a player in the disruptive industries of FinTech and software development by means of acquisitions and mergers. Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol “MJWL”.