DAEJEON — "Banknote use has fallen sharply since the 50,000-won note was introduced, yet we posted record revenue. I see that as the result of a shift from manufacturing to a digital trust platform."
Sung Chang-hoon, CEO of the Korea Minting, Security Printing and ID Card Operating Corp. (KOMSCO), said at a press briefing on the 16th, ahead of the state-run company's 75th anniversary, that it recorded revenue of 639.5 billion won ($460 million) in 2025, its highest ever. Traditional currency accounted for 19% of that total, while non-currency businesses made up more than 80% — identity verification at 25%, specialty minting at 27%, security printing at 18% and information and communications technology at 11%. That mix, Sung said, has built a foundation for sustainable growth that is not shaken by declining currency issuance.
KOMSCO, whose survival was in question as South Korea moved toward a cashless society, has broken out of the mold of a traditional currency manufacturer and remade itself as a global digital trust infrastructure company.
"The mobile driver's license and the mobile resident registration card, which implemented the world's first blockchain-based national ID system, are the clearest examples of KOMSCO's digital transition," Sung said. "We have also successfully established the integrated digital Onnuri gift certificate platform, which has signed up 17 million users, and we are widening our stride into next-generation public financial infrastructure, including research on central bank digital currency and digital subsidy payment projects for government ministries."
Cultural initiatives — currency-themed merchandise, collectible art coins and K-brand authentication — have also produced visible results.
"MONEYMADE, our novelty merchandise brand that recycles about 100 tons of shredded banknote byproducts a year into items such as money cushions and money ballpoint pens, has won a strong public response," Sung said. "We will also push in earnest into the global art coin market, worth 3 trillion won."
"After localizing core security materials, KOMSCO is now pursuing exports of its mobile ID technology, and we are moving ahead with a government K-brand certification system together with the Korea Intellectual Property Administration," he said. "We are applying a national certification mark using advanced authentication technology to products from leading Korean exporters such as Samyang Foods, Amorepacific and CheongKwanJang, preventing damage from counterfeit K-brand goods overseas."
Sung said KOMSCO aims to become "the world's first fully digital mint" and reach 1 trillion won in revenue by 2031, its 80th anniversary. The strategy calls for leading national digital authentication in areas such as CBDC and digital passports, while expanding into public trust infrastructure that verifies the origin and value of data in the age of artificial intelligence.
"For 75 years we engraved the nation's trust onto paper and metal. Now we are planting that trust in mobile IDs, product authentication and digital currency," Sung said. "We will grow into a global state-run enterprise responsible for public trust in the AI era."
