Bolttech, Sumitomo Partner to Power Used Device Resale in Asia

Singapore-based insurtech firm Bolttech Holdings Ltd. has partnered with Tokyo’s Sumitomo Corporation to transform the resale and distribution of used smartphones and electronic devices in Southeast Asia.

The collaboration aims to address regional challenges—chiefly the regulatory complexities of importing and exporting second-hand phones—while expanding access to affordable, insured tech.Under the joint initiative, Sumitomo will offer embedded device protection, installment-based purchasing, and upgrade programs through its distribution partners.

Key Highlights

• Bolttech and Sumitomo to simplify resale of used smartphones in Southeast Asia.
• Aiming to reach 10 million customers by 2030 through embedded insurance and device programs.
• Partnership promotes sustainability by extending smartphone lifecycles and reducing e-waste.

The goal: reach 10 million customers by 2030, according to Philip Weiner, CEO for Asia at Bolttech. “One major challenge is the varying regulations on the imports and exports of used smartphones across Southeast Asia,” Tomoyuki Shionoya, head of smart service business unit at Sumitomo, told Insurance Asia. 

Bolttech, which operates in 37 markets, connects over 700 distribution partners with 230 insurers, delivering access to 6,000+ insurance products globally. Sumitomo brings decades of expertise in telecom retail and used device markets, with operations extending to Mongolia and Ethiopia.

With smartphone penetration in countries like Indonesia still around 60 percent—compared to 90 percent in the US—the region presents a strong growth opportunity. Used smartphone shipments globally are expected to grow at 8.8 percent annually, reaching 431.1 million units by 2027.

Beyond business, the venture promotes sustainability. Reusing smartphones helps reduce electronic waste and carbon emissions from manufacturing. “Phones contain rare minerals and take energy to produce. Keeping them in circulation is both practical and eco-conscious,” said Weiner.

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Though the official launch date is pending, Bolttech has recently raised $147M in Series C funding, lifting its valuation to $2.1B, and plans to roll out partner benefits within the next quarter.