Public enterprises, once considered declining industries, are reinventing themselves as innovative public enterprises, aiming for a 'second renaissance.' This is the story of Korea Minting and Security Printing Corporation (KOMSCO).
On the 5th, KOMSCO announced the publication of a book titled "The Future of Currency Technology." This book chronicles the process of 'business transformation' that KOMSCO has pursued amid the era of declining currency demand and changing trends.
Founded in 1951, KOMSCO has maintained its core business of currency manufacturing for over half a century. However, with the emergence and popularization of new payment methods such as credit cards, debit cards, and mobile payments, concerns about its survival intensified. Some even expressed worries that it might soon become a "company on the brink of closure," similar to the former Korea Coal Corporation.
The advent of new payment methods led to a sharp decline in demand for paper and coin currency, which was widely seen as potentially rendering KOMSCO’s fundamental functions obsolete.
However, instead of succumbing to the crisis, KOMSCO seized the opportunity to find new growth engines and focused on taking on challenges rather than fearing failure.
Leveraging its strength in currency manufacturing technology, KOMSCO shifted its focus to new fields such as culture, information and communication, and exports, placing greater emphasis on transforming from an analog (currency)-centered company to a digital (advanced security technology, etc.) company.
As a result, KOMSCO has transformed from a public enterprise in a declining industry into an innovative public enterprise, establishing a new status.
The newly published book, "The Future of Currency Technology," comprehensively captures the challenges, failures, achievements, and know-how experienced by KOMSCO during its transformation into an innovative public enterprise.
The book has received recommendations from ‘Migukajae,’ a currency collecting YouTuber with 500,000 subscribers, Ryu Jin, chairman of Poongsan Group (current chairman of the Korea Economic Association), and Ko Seung-beom, chairman of the Youth Financial Education Council (former chairman of the Financial Services Commission).
Sung Chang-hoon, president of KOMSCO, said, “There was a time when people said KOMSCO would eventually close down like the Korea Coal Corporation, but by continuously seeking change, KOMSCO succeeded in opening a new path (growth engine). I hope the records of KOMSCO’s failures and overcoming challenges contained in this book will provide practical help and inspiration to companies facing management crises and public institutions contemplating innovation.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
