KOMSCO chief, PR head chronicle shift from cash to digital trust in new book

Sung Chang-hoon, president and CEO of the Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO), and Woo Jin-goo, its head of public relations, have co-authored a book exploring how the state-run company is adapting to a world increasingly moving away from cash.

“Stories of Currency That Change the World: A Journey of Turning Crisis into Opportunity” traces KOMSCO’s efforts to expand beyond printing banknotes and minting coins into digital identification, payment platforms and other services built around security and trust.

For the two authors, the challenge was to identify what remains valuable about an organization when demand for its traditional products declines. The book presents trust as the foundation of KOMSCO’s business, linking its expertise in securing physical currency and identification documents to its emerging digital services.

Mobile identification is one example. Security technology developed through decades of producing banknotes and ID cards now helps people verify their identities using smartphones.

The authors also examine the difficulties accompanying that transition. They reflect on problems such as the 2023 mobile ID system outage, emphasizing the ongoing responsibility to keep digital services running reliably after launch.

Their account highlights the importance of restoring services, communicating openly about vulnerabilities and using failures to improve operations. These experiences illustrate how maintaining public trust requires reliable service as well as technical expertise.

The book also describes a different approach to finding value in KOMSCO’s existing resources. Discarded banknote trimmings were repurposed into ballpoint pens under the Moneymade brand, with the initial online batch selling out within two hours. The project offered a new use for material associated with the company’s traditional business.

Alongside these initiatives, Sung and Woo discuss the workplace culture needed to sustain change. They stress the importance of allowing employees to propose unconventional ideas and take calculated risks, rather than relying solely on instructions from management.

The book reports that KOMSCO’s revenue rose from 444.7 billion won ($332 million) in 2023 to 639.5 billion won in 2025, while operating profit increased from 11 billion won to 18.7 billion won.

Through these projects and setbacks, the authors offer an insider’s account of organizational change. Their central argument is that a shrinking core business can prompt companies to reassess their strengths and find new ways to meet the needs of the people they serve.

“We wanted to give readers practical insights by presenting a structured account of KOMSCO’s transformation and innovation,” Woo said.

Sung said, “The book offers a candid record of how KOMSCO has confronted crises and found new paths by rethinking its approach."