Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
KOMSCO to strengthen ICT collaboration with global security solutions firm SICPA
Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) CEO Sung Chang-hoon, third from left, meets with representatives from global security solutions company SICPA at KOMSCO headquarters in Daejeon, in this photo released Thursday. Courtesy of KOMSCO
By Yi Whan-woo
The Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) and global security solutions company SICPA agreed to enhance cooperation on information and communications technology (ICT), KOMSO said Thursday.
The agreement comes as KOMSCO is accelerating efforts for a sweeping business transformation by linking decades of expertise as the country’s manufacturer of banknotes and circulating coins with ICT.
Headquartered in Switzerland, SICPA is a global leader in security ink solutions applied to the majority of currencies worldwide.
The company has recently expanded its ICT business by providing digital platforms based on data watermarking and data intelligence technologies, supporting digital identity security, online payments and real-time digital welfare subsidy distribution solutions.
“Under the circumstances, the agreement is a testament to KOMSCO’s internationally recognized ICT capabilities and also its position as a reliable partner for SICPA to share its expertise in digital transformation,” KOMSCO CEO Sung Chang-hoon said.
He also said KOMSCO is establishing itself as an ICT-centered digital company beyond traditional manufacturing enterprises, stating, “We will continue to lead the creation of a global digital trust ecosystem.”
Under the agreement, the two sides plan to explore opportunities to create synergies across a range of ICT fields.
They include real-time digital platforms for social subsidy distribution, digital identity authentication and online payments, anti-counterfeiting solutions and detection of illegal online activities, and next-generation system infrastructure.
KOMSCO has been continuously expanding its ICT business, including mobile IDs and mobile gift certificates.
Its business transformation is centered on three areas — ICT, export and creative cultural content.