Korea is moving faster toward a cashless society, which poses both risks and opportunities for Korea Minting and Security Printing Corp. (KOMSCO).The risk comes from KOMSCO’s waning profitability due to the falling use of cash, whereas opportunity comes from its extensive know-how and expertise that it accumulated as the country’s sole manufacturer of banknotes and circulating coins for over seven decades.Against this backdrop, KOMSCO CEO Sung Chang-hoon is committed to ushering in a sweeping transformation of the state-run corporation into a versatile business entity in three areas — information and communications technology (ICT), export and creative cultural content.
“Reinventing our expertise in printing, minting and engraving is essential to make a breakthrough into new industries and step up as a global leading company, and that’s the vision I’ve been underlining ever since I took office,” the CEO told The Korea Times during an interview at his office in Seoul, May 16.He explained KOMSCO boasts “world-class” counterfeit deterrent technologies in currency production, which are applied in a range of businesses after it started in October 1951 at a shabby wood building in Busan in the middle of the Korean War.“Nevertheless, the relevant technologies will be obsolete and there will be no future for KOMSCO if we do not make progress in using them,” Sung said. “In that regard, the vision for a new KOMSCO oriented toward ICT, export and creative cultural content can help laying groundwork for a new, sustainable business ecosystem and overcoming challenges coming from 스포츠토토존 declining profits.”