Investment in bolttech an Insurtech Company Offering Insurance Products in 37 Countries Including Southeast Asia and Strategic Partnership Formed- As the first initiative, a new service will be launched in Southeast Asia leveraging expertise in the resale of used devices. -

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno) has entered into a strategic partnership with Bolttech Holdings Limited (hereinafter "bolttech"), a Singapore-headquartered global insurtech company operating in 37 markets worldwide, with a strong presence across Asia.

As the first initiative under this partnership, Sumitomo Corporation and bolttech plan to establish a joint venture in the first half of fiscal 2025 and will launch a new service in Southeast Asia. This service will combine bolttech's customer base with Sumitomo Corporation's expertise in device resale to offer services such as installment-based device sales and upgrade programs to new models.
Looking ahead, the joint venture plans to expand its device distribution operations across Asia, aiming to provide services to approximately 10 million customers by 2030.

Strategic rationale for partnering with bolttech

Globally, rising smartphone prices and increasing adoption in emerging markets have led to growing demand for smartphone subscriptions, insurance coverage and used device sales. In regions like South and Southeast Asia, where younger demographics dominate, demand for affordable, high-performance used smartphones is particularly strong. The device insurance market is expected to grow faster than the global average, driven by increasing smartphone usage, urbanization, digitalization and improved access to insurance services through the rise of insurtech and e-commerce.
A leading global insurtech company, bolttech is headquartered in Singapore, with a strong presence in Asia. It connects more than 700 distribution partners to over 230 insurers, offering over 6,000 insurance and protection products. It also operates in Europe, North America and Africa, making it the most globally scaled insurtech company, with a comprehensive offering of embedded protection solutions.

Sumitomo Corporation's Business Development for Telecommunications Carriers

Sumitomo Corporation has approximately 30 years of experience in the telecommunications sector. In Japan, we have developed businesses in mobile phone retail, value-added services such as device protection, and device distribution – including the resale of used devices. Internationally, the company has operated mobile communications services in countries such as Mongolia and Ethiopia.
Leveraging this experience, Sumitomo Corporation is committed to providing value that enhances the convenience and sustainability of telecom infrastructure. Among these efforts, the device distribution business plays a crucial role in promoting efficient use of resources and building an environment where people around the world can access telecom services at more affordable prices. In January 2025, the company invested in Zension Technologies Inc, a smartphone subscription company operating in the Middle East, to further strengthen their device distribution platform in that region. Sumitomo Corporation will continue to develop its telecommunications business across the Middle East, Asia and Europe.

Sumitomo Corporation will leverage its diverse strengths, such as the resale expertise and network it has cultivated in the used device sales business, and strategic partnerships with telecommunications carriers around the world, as well as bolttech's customer base, to support the entire value chain of smartphone distribution from device protection services to resale. By providing optimal solutions tailored to the demands of each country and region, we will contribute to the spread of a circular business model, including the resale of used devices, while promoting efficient use of resources and reducing environmental burden, ultimately supporting the expansion of sustainable digital infrastructure.

Leadership Comments

Shinichi Kato, CEO, Media & Digital Group, Sumitomo Corporation

“We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture. We are confident that this partnership will enable us to leverage our combined expertise and resources to deliver industry-leading device lifecycle management services, driving growth and innovation across the Asia region.”

Rob Schimek, Group CEO, bolttech

“We are delighted to welcome Sumitomo Corporation as our strategic partner. We are confident that Sumitomo Corporation’s expertise in devices and vast network, combined with our distribution capabilities, will drive us forward in creating a better protection experience for consumers in Asia. We are excited to continue our journey in shaping the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.”

About bolttech

Company Name	:	Bolttech Holdings Limited
Established	:	2020
Headquarters	:	Singapore
Business Overview	:	Global insurtech company offering a wide range of insurance products, including device protection services

Photo of officials from Sumitomo Corporation and bolttech

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