The Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) is commencing its venture to use currency by-products slated for disposal.
On the 19th, the corporation held a "currency by-products utilization seminar" at its Minting Business Department in Mapo-gu, Seoul.
Currency by-products refer to banknotes that have reached the end of their life span through daily use and damaged items produced during the manufacturing process at the corporation. Approximately 500 tons of currency by-products are generated annually by the corporation, and about 90% of these are incinerated.
KOMSCO has been researching eco-friendly recycling methods for this waste since the beginning of the year, and presented future plans at the seminar on this day. At the seminar, Director General Jeong Haewon of KOMSCO presented uses for discarded banknotes, showcasing goods such as money calendars, money cushions, and money pens, as well as prototypes. KOMSCO plans to sell these goods not only via B2B (business-to-business) but also B2C (business-to-consumer) transactions.
The seminar also featured a presentation on Hana Bank's campaign, which previously garnered positive responses by using goods made from discarded banknotes. From last year to this year, Hana Bank developed goods such as 'money pillows,' 'money cushions,' and 'money seeds' through the "Money Dream" campaign to attract customers. The event combining money and recycling received global acclaim, winning awards for excellence in brand communication and ESG environmental protection goods at the Red Dot Design Award and the Cannes Lions International Festival of Creativity.
Park Junseok, head of Hana Bank's Media Marketing Team, expressed a strong desire to actively participate in the currency by-products utilization project, saying, "We want to continue the Money Dream campaign by using KOMSCO's discarded banknotes and applying intaglio printing technology."
KOMSCO plans to actively pursue a business that creates new added value by recycling currency by-products. They also anticipate the added benefit of reducing carbon emissions through recycling.
Sung Changhoon, president of KOMSCO, stated, "Our corporation aims to go beyond manufacturing currency to establish a virtuous cycle structure by creating new added value from discarded banknotes," and added, "We will release a variety of products utilizing currency by-products to contribute to the revitalization of the circular economy."