KOMSCO targets digital transformation, $737 million in sales by 2031
The Korea Minting, Security Printing & ID Card Operating Corp. headquarters in Daejeon / Courtesy of KOMSCO
The Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) is seeking to become the world’s first digital mint and generate annual sales of 1 trillion won ($737 million) by 2031, shifting into new businesses as cash use declines, the state-run company said Thursday.
Marking its 75th anniversary, KOMSCO laid out a growth strategy centered on information and communications technology (ICT), cultural products and exports. The plan builds on technical expertise accumulated through decades of currency production and counterfeit prevention.
CEO Sung Chang-hoon said in an anniversary address that weakening demand for currency manufacturing had raised questions about the company’s long-term future.
At one point, he said, there were fears it could become “a second Korea Coal Corp.” The prospect prompted KOMSCO to reconsider how its existing capabilities could support new businesses as its traditional market contracted.
Mobile identification and digital vouchers have become part of that effort. These services extend the company’s security expertise into digital identity verification and authentication.
KOMSCO CEO Sung Chang-hoon / Courtesy of KOMSCO
According to KOMSCO, technology developed to protect banknotes against counterfeiting has underpinned the move into digital services. The company has sought to apply those capabilities to new public needs while retaining its role as a provider of trusted products and services.
It has also expanded its cultural products business, combining currency production techniques with design expertise to broaden its consumer reach.
KOMSCO attributed last year’s record sales to its efforts to diversify. It plans to build by developing its ICT, cultural products and export operations as it pursues the 2031 sales goal, timed to coincide with its 80th anniversary.
Sung said the next five years would focus on taking the company’s capabilities to a wider international market.
“The past 75 years have been about building trust in Korea. Over the next five, KOMSCO will strive to become a company that builds trust worldwide,” he said.