KOMSCO Accepts Public Proposals for Currency Byproduct Upcycling

The Korea Minting and Security Printing Corporation announced on December 16 that it will be accepting public proposals to diversify the upcycling of currency byproducts.

The corporation has launched a year-round open innovation platform called "moneyLAB" as a communication channel to create new products and services using byproducts generated during the currency manufacturing process, reflecting ideas from the public.

Image of a keyring product made using currency byproducts. Provided by Korea Minting and Security Printing Corporation

Earlier this year, the corporation launched its currency goods brand "moneymade," releasing products such as money ballpoint pens, money keyrings, money calendars, and money cushions. These items are made using currency byproducts.

MoneyLAB expands on these efforts by aiming to establish a new innovation ecosystem that combines public sector infrastructure with private sector creativity. The goal is to provide a channel where anyone can propose ideas at any time, allowing currency byproducts that were previously incinerated to be used as eco-friendly resources.

Unlike one-off contests, MoneyLAB allows for proposals to be submitted year-round. Areas for proposals include: ▲ products utilizing currency byproducts ▲ eco-friendly materials and industrial goods ▲ experience, education, and ESG programs ▲ collaboration and new business proposals.

Submitted ideas will go through seven stages: document review, provision of currency byproducts, product or service development, in-person review, agreement, and launch, before being commercialized. Selected projects will receive benefits such as marketing, promotion, and sales channel support through the corporation's "moneymade" brand.

Details regarding eligibility and how to submit ideas can be found on the corporation’s official online store.

Seong Changhoon, President of the Korea Minting and Security Printing Corporation, stated, "We hope that currency byproducts will be reborn as eco-friendly cultural resources through public ideas," and added, "We will develop moneyLAB as a representative open innovation platform with continuous public participation, laying the foundation for the corporation to become a sustainable cultural enterprise."

Meanwhile, currency byproducts-such as defective notes, cuttings, and blank sheets-are generated during the currency manufacturing process, amounting to about 100 tons annually. Most of these byproducts were previously incinerated. However, after being officially recognized as recyclable resources in April this year, new possibilities for their use have emerged. Through moneyLAB, the corporation plans to leverage them for ESG and circular economy value creation, as well as to promote a co-growth model with startups and small and medium-sized enterprises.