Korea Minting evolves into IT security solution provider

State-run Korea Minting, Security Printing & ID Card Operating Corp. has evolved from a banknote manufacturer to a total security solution provider ― a transition backed by sustainable management and significant sales growth over the past several years.

“We owe our recent progress to the success in overseas sales, combined with a profitable gold bar business,” said an official of KOMSCO.

In 2013, KOMSCO recorded total sales of 427 billion won ($414 million), up 20 percent from the previous year.

Its export turnover, which hit a record-high 43 billion won last year, is also expected to exceed $50 million this year to qualify for the annual export prize awarded by the Korea International Trade Association.

Thanks to such outstanding performance, KOMSCO was ranked No. 1 in the Finance Ministry’s Performance Evaluation of Public Enterprises last year, according to officials.

Since it was established back in 1951 as the Korea Mint Corporation, KOMSCO has mostly been devoted to minting banknotes and coins for local distribution. In recent years, however, it has increasingly been seeking to expand its profit sources by diversifying its business domain.

In 2007, the company opened a headquarters for issuing corporate identification cards, while at the same time setting foot in issuing commemorative medals, manufacturing cash-handling machines and, lastly, dealing in the gold bar trade.

Currently, the corporation’s top priority lies in developing IT solutions for start-ups ― a business that it believes will become a new future growth engine.

Its efforts in investing in this new line of business has been paying off.

“For three years in a row, Korea has ranked No. 1 in the United Nations’ survey on e-government and this reputation is adding credit to KOMSCO’s IT-based business,” the official said.

The success of the e-solution business, in turn, has helped the company win coinage orders in developing countries, he added.

Last year, KOMSCO closed deals to provide 160 million units of coins to Libya and to produce 305 million sheets of banknotes for Peru.

By Bae Hyun-jung (tellme@heraldcorp.com)