Sumitomo Corporation has announced a strategic partnership with Singapore-based insurtech leader bolttech. As part of this collaboration, the two companies will launch a joint venture in the first half of fiscal 2025, starting in Southeast Asia. This initiative will combine Sumitomo’s experience in used device resale with bolttech’s insurance and distribution reach, targeting customers across Asia.
Used device services take centre stage
The first offering from the new venture will include installment-based sales and upgrade programs for used Apple iPhones and other smartphones. By leveraging Sumitomo’s resale know-how and bolttech’s insurance infrastructure, the service aims to offer high-performance devices at lower prices, especially attractive to younger consumers in emerging markets.
The rise of smartphone protection services
Across South and Southeast Asia, smartphone usage is climbing, especially among urban youth. With device prices also rising, more consumers are looking for affordable options and protection plans. The partnership positions itself at the intersection of these trends, offering bundled solutions including insurance, resale and upgrade services.
bolttech: global reach, local relevance
Operating in 37 countries, bolttech connects over 700 distribution partners with more than 230 insurers. Its embedded insurance solutions and presence in Asia make it a strong match for Sumitomo’s goals in the circular economy and telecom infrastructure.
Building a sustainable telecom ecosystem
Sumitomo’s 30 years of telecom experience, including resale platforms in Japan and operations in Ethiopia and Mongolia, will be instrumental in the venture’s success. The company sees used device resale as a vital part of promoting resource efficiency and digital access in developing regions.
A vision for 10 million customers by 2030
The joint venture aims to serve 10 million customers by 2030, supporting the region’s growing demand for accessible digital services. This aligns with Sumitomo’s broader efforts, including its recent investment in Zension Technologies, to expand its device distribution platform across Asia, the Middle East and Europe.
Leaders express confidence in partnership
Shinichi Kato, CEO of Sumitomo’s Media & Digital Group, highlighted the joint venture’s potential to drive growth and innovation in Asia’s device lifecycle management. bolttech CEO Rob Schimek echoed this, saying the partnership will enhance consumer protection options and redefine the mobile insurance experience.
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