KOMSCO Will Strengthen Its Non-Minting Sector Amid Recent Cashless Society
Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) - the state-run minting agency - will strengthen its non-minting sector to expand its business and take advantage of today's cashless society. It's also making an effort to increase sales overseas.
One of its current initiatives is developing anti-counterfeiting and gold bar technologies for products related to national identification, security and currency - according to an article published Tuesday on Korea Herald.
"KOMSCO aims to be one of the world's top five security solution companies over several years by carrying out a full-fledged introduction of cutting-edge technologies and taking a strategic approach to the global market," says Kim Hwa Dong, the agency's chief executive.
South Korea's demand for cash issuance has dropped following the increasing number of people turning to cashless methods of payment - such as credit card and digital payment.
From 2 billion volumes of cash issuance in 2007, it has now slumped to just 600 million.
The Bank of Korea has revealed that only 17% of the total consumer payments in the nation are made in cash payments - a low figure compared to Australia at 65% and Germany at 53%.
In 2014, KOMSCO has introduced new anti-counterfeiting technologies, helping the agency flourish into a provider of complete security solutions.
"In recent years, KOMSCO's focal point has shifted to IT solutions in a bid to lighten the company's heavy dependence on note and coin making for a profit source," KOMSCO spokesperson Kim Jung Hee states.
Meanwhile, as the agency tries to improve its sales abroad, KOMSCO has signed a deal with Indonesia-based media group EMTEK, selling the signature 'ORODT' gold bar to local consumers through a shopping program broadcasted on TV.
"We also have recently signed a deal to supply more than 8 million security sheets for civil documents to Papua New Guinea. We're also moving to increase exports of gold bars," Kim Hwa Dong says, as reported by Yonhap News on April 20.