Korea Minting Corp. marks 75th anniversary with digital pivot to avoid fate of shuttered state firms

"At one point, I felt a real sense of crisis that the corporation could become a second Korea Coal Corp."

Korea Minting and Security Printing Corp. President Sung Chang-hoon made the remark Thursday in an address marking the state firm's 75th founding anniversary, reflecting on a period when its core currency manufacturing business was shrinking as cash use declined. The implication was clear: a track record of reliably producing banknotes alone could not secure the company's future — any more than it had for Korea Coal Corp., which shut down this year.

The corporation has since expanded into mobile identification, digital gift certificates and cultural merchandise, posting record sales last year. By 2031, its 80th anniversary, it aims to become the world's first digital minting institution and reach 1 trillion won ($738 million) in annual sales.

Sales last year reached 639.5 billion won, an all-time high. Revenue had stood at around 550 billion won in 2021 before falling to the 440 billion won range in 2023, but rebounded by nearly 200 billion won over the following two years. The traditional currency business now accounts for 19 percent of total revenue.

The restructuring rests on three pillars: information and communications technology, culture and exports. The corporation is extending the security technology it developed to prevent banknote counterfeiting into digital identity verification, while applying its currency manufacturing expertise and design capabilities to consumer products.

On the ICT side, it has expanded its mobile ID and digital gift certificate services — broadening the role of a state enterprise that once safeguarded trust in physical currency into one that verifies and guarantees trust in digital environments.

In cultural business, the corporation is moving beyond its traditional government and financial-institution clientele to cultivate a business-to-consumer market. A flagship example is MONEYMADE, an upcycling brand built around byproducts of currency production.

The corporation generates about 100 tons of shredded banknote waste annually. Material that was once disposed of at cost has been repurposed into lifestyle and cultural products — money-themed pens, cushions, envelopes, keyrings and calendars. Launched last year, MONEYMADE pairs the discarded currency with a narrative of wealth and good fortune, combining resource recycling with cultural merchandise.

The corporation also operates Money Lab, an open platform that turns ideas from the public and private companies into products. By co-developing merchandise with consumers and selling through its own online shop, it is broadening the commercial applications of its currency manufacturing technology.

Commemorative medals tied to intellectual property from gaming and content companies have emerged as another revenue stream. A 30th-anniversary Diablo commemorative medal released in collaboration with Blizzard Entertainment carried a price tag of 4.795 million won per gold medal, yet some products sold out within 20 minutes of going on sale.

In 2023, a MapleStory 20th-anniversary gold medal and a League of Legends World Championship commemorative medal both sold out. The corporation has tapped collector demand by combining its coin and medal manufacturing expertise with gaming and cultural intellectual property.

Its next initiative is a Korean-style art coin program. The products would feature designs drawn from Korea's history, culture and national symbols rendered in precious metals such as gold and silver, sold as investment and collector's items — in the tradition of the American Eagle, Canadian Maple Leaf, Chinese Panda and Australian Kangaroo coins. The corporation plans to launch a pilot program for the Korean art coin in the second half of this year.

Building on this business transformation, the corporation is pursuing its 1 trillion won sales target for 2031 — a goal that requires adding roughly 360 billion won to last year's revenue. How far it can extend its existing manufacturing capabilities into digital services, cultural products and overseas markets will be the deciding factor.

"If the past 75 years have been a history of building trust for the Republic of Korea, the next five years will be the time for the Korea Minting and Security Printing Corp. to leap forward as a company that builds trust for the world," Sung said.