bolttech and Sumitomo Corporation announce strategic partnership

The partnership will form a joint venture todeliver technology-enabled embedded solutions to distribution partners inAsia

SINGAPORE,May 8, 2025/PRNewswire/ --bolttech, the fast-growing global insurtech, today announced its partnership withSumitomo Corporation, one ofJapan'slargest trading houses. The two companies will enter a joint venture to deliver technology-enabled embedded solutions to distribution partners across a number of markets inAsia.

The technology-enabled embedded solutions will enable distribution partners to provide end-to-end device lifecycle management services, such as device upgrade, enhancing their ability to offer seamless and comprehensive solutions to customers in the region.

With smartphone prices rising and penetration increasing in emerging markets, the global demand for device protection services is on the rise. This trend is particularly pronounced inSouth AsiaandSoutheast Asia, where the demand for affordable, high-performance used smartphones is growing, driven by the growing proportion of young consumers. With the market for device protection expected to grow faster than the global average, there is a growing need for technology-driven device insurance and protection solutions.

The partnership will kick off with a launch inSoutheast Asiafocusing on a device upgrade programme, leveraging bolttech's distribution capabilities and Sumitomo Corporation's vast network of financing and guarantees capabilities.

Shinichi Kato, Group CEOofMedia& Digital Group at Sumitomo Corporation, said,"We are thrilled to join forces with bolttech, a partner with proven track record in offering technology-enabled solutions to address consumer needs. 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 theAsiaregion."

Rob Schimek,Group Chief Executive Officer, bolttech,said,"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 inAsia. 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."

- End -

Accompanying photo:

Name and titles of individuals in photo

Front Line (from left to right): 

1. Kshitij Chitransh– Director, New Business Development, SC-Nex

2. Shun Ohishi– Deputy Director, Device Solution Team No.1

3. Liam Riley–General Manager - bolttomo

4. Takehiko Kotani– Director, Device Solution Team No.1

Second Line (from left to right): 

5. Yuya Hasebe– Senior Associate, Device Solution Team No.1

6. Kazushi Awa– Executive Officer, Group CFO, Media& Digital Group

7. Eisuke Takenaka– Executive Officer, General Manager, Smart Communication Platform SBU

8. Shinichi Kato– Senior Managing Executive Officer, Group CEO, Media& Digital Group

9. Rob Schimek–Group CEO

10. Fi Fi Lu–Group Head of Embedded Device and Head of Product,Asia

11.Akiko Anzai–General Manager,Japan

Third Line (from left to right): 

12.Alister Musgrave–Regional General Manager –Hong Kong,Taiwan& Japan 

13.Yusuke Nakajo– Senior Associate, Device Solution Team No.1 

14.Hirano Yuki– Senior Executive, Smart Communication Platform SBU 

15.Tomoyuki Shionoya– Head, Smart Service Business Unit 

16.Stephan Tan– Group Chief Investment Officer, and CEO,Europe& Africa 

17.Makiko Eda– Managing Executive Officer, Chief Sustainability& DE&I Officer, Deputy Group CEO, Media& Digital Group 

18.Andy Ho– Group Head of Mergers and Acquisitions 

19.Eric Lai –Group Deputy General Counsel 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/bolttech-and-sumitomo-corporation-announce-strategic-partnership-302449002.html

SOURCE bolttech