Sumitomo Strengthens Ties with Bolttech in Strategic Partnership

Sumitomo Corporation has announced a strategic partnership with bolttech, a global insurtech company headquartered in Singapore. This initiative involves the establishment of a joint venture aimed at launching a new service in Southeast Asia in the first half of fiscal 2025. The partnership will merge Sumitomo's expertise in device resale with bolttech's extensive customer base, focusing on installment-based device sales and upgrade programs. By 2030, the joint venture aims to cater to around 10 million customers throughout Asia. The rising demand for affordable and high-performance used smartphones, particularly in South and Southeast Asia, aligns with the strategic rationale for this collaboration. Sumitomo plans to utilize its experience in telecom services, especially in device distribution, to manage the entire value chain from device protection to resale. This partnership is a step towards promoting sustainable digital infrastructure. Leadership from both companies expressed optimism about leveraging their combined resources to deliver innovative services and fulfill consumer demands.