In a bid to combat waste and promote sustainability, KOMSCO partners with Hana Bank to create products from banknote and coin production byproducts.
On Monday, the Korea Minting and Security Printing Corp. (KOMSCO) announced a collaboration with Hana Bank aimed at transforming leftover materials from banknote and coin production into profitable merchandise. This initiative stems from a memorandum of understanding signed by the two organizations to co-develop products made from the hundreds of tons of recyclable materials that would otherwise be disposed of.
KOMSCO, as South Korea’s sole manufacturer of currency, is striving for a business breakthrough amid a significant downturn in cash usage. Historically, the company has produced promotional items such as pens and calendars using residual materials from the banknote production process. The partnership with Hana Bank is deemed particularly strategic, as the bank has been actively engaged in sustainability efforts since 2023 through its Money Dream Campaign, which includes creating various items like pillows and clocks from recycled materials. This campaign has garnered notable recognition, winning five awards at the 2024 Effie Awards Korea.
“The joint project is meaningful as it turns the byproducts that are generated during the creation of cash into something valuable,” said KOMSCO CEO Sung Chang-hoon. He emphasized the company’s commitment to creating models of a circular economy that focus on social value and effective use of byproducts throughout the currency manufacturing and distribution processes.
The partnership is positioned not only as a business endeavor but also as an initiative to produce eco-friendly products in response to environmental challenges and to promote sustainability. KOMSCO plans to begin marketing these products to the public online, with a launch expected later this month. Previously, pens were available solely through customized orders for businesses, and calendars were distributed as complimentary New Year’s gifts.
Currently, KOMSCO reports that approximately 500 tons of waste generated during the money printing process is incinerated each year, exacerbating issues related to environmental pollution and waste management. Through this collaboration with Hana Bank, the companies aim to mitigate this environmental impact while fostering innovation in their respective markets.
Source: Noah Wire Services
