Global insurtech bolttech and Japanese trading conglomerate Sumitomo Corporation are joining forces to simplify and scale the resale of used smartphones across Southeast Asia. The partnership is designed to help consumers access affordable Apple iPhones and other devices, while keeping smartphones in circulation longer to reduce environmental impact.
Focus on Southeast Asian growth markets
The collaboration targets emerging markets like Indonesia, where smartphone penetration remains below 60%. In contrast, mature markets such as Hong Kong and Japan already have adoption rates of around 90%. “There’s still plenty of room to grow in Southeast Asia,” said Philip Weiner, bolttech CEO for Asia.
Navigating trade regulations and logistics
A key challenge the venture aims to solve is the patchwork of regulations governing the import and export of used devices across different countries. Sumitomo brings telecom expertise and experience from markets like Japan, Mongolia and Ethiopia, while bolttech connects 700+ partners and 230 insurers globally.
Service will include embedded protection
The partners will offer instalment-based payment options and device upgrade programmes backed by embedded insurance. “We’re helping extend the lifespan of smartphones by making cost-effective and protected options more accessible,” said Weiner.
Environmental benefits of reuse
Used smartphone shipments are forecasted to reach 431.1 million units in 2027, rising 8.8% annually, according to IDC. “Reusing devices reduces waste and emissions from production,” Weiner added, citing the energy-intensive process of extracting rare minerals for smartphone manufacturing.
Series C funding fuels expansion
Although a launch date has not been disclosed, bolttech’s recent € 137 million Series C round and € 1.93 billion valuation suggest imminent rollout. “We expect to bring real benefits to our partners and customers within the next quarter,” said Weiner.
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