The Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO), which has been manufacturing and supplying currency and various identification cards for the past 70 years, has declared its transformation into a digital service company.
“In response to the era of the 4th industrial revolution, we will strengthen the mobile business by expanding its ICT business, CEO Bahn Jahng-shick of KOMSCO said at the vision declaration ceremony to mark the 70th anniversary of its foundation at its headquarters in Yuseong-gu, Daejeon on Oct. 1.
“The new vision contains the meaning of providing trust as a partner for the national economy and life even in the hyper-connected era," said CEO Bahn.
Bahn stressed, "In the past, we simply stayed in the role of a public currency manufacturing company, but in the future, we will leap forward as a platform partner trusted by the public."
Founded in 1951, the KOMSCO has been manufacturing and supplying various products such as currency, resident card, passport, and other identification cards, checks, gift certificates, medals, and stamps.
The KOMSCO plans to focus on the ICT business in line with the trend of mobilization of currency and ID cards.
In particular, the KOMSCO is developing the public mobile currency platform "Chak" based on blockchain technology, which was built in 2018, as a key business. It is providing a mobile local gift certificate service using Chak.
The KOMSCO is also actively seeking to digitize national ID cards. Earlier this year, it started a mobile public service for public officials in central ministries, and is also preparing a mobile driver's license service early next year.
The corporation has also entered the security module market, a future food business. Security modules are considered key technologies in the Internet of Things (IoT) era.
The KOMSCO has developed a security module called "KShell31," which fundamentally blocks the manipulation of the gas volume of gas stations in the market, and is applying it to 38,000 gas stations nationwide.