Korea Minting and Safety Printing Corp. (KOMSCO) CEO Sung Chang-hoon, left, and Hana Financial institution CEO Lee Ho-seoung pose with a memorandum of understanding certificates throughout a ceremony on the financial institution’s headquaters in Seoul, Feb. 27, for a joint venture aimed toward utilizing recycling supplies which are left over after manufacturing banknotes and cash. Courtesy of KOMSCO
The Korea Minting and Safety Printing Corp. (KOMSCO) introduced on Monday that it has partnered with Hana Financial institution in a marketing campaign to generate income by utilizing recyclable supplies left over from the manufacturing of banknotes and cash.
It stated the 2 sides signed a memorandum of understanding for the co-development of merchandise made out of tons of of tons of supplies that will in any other case be burned as waste.
The deal comes as KOMSCO seeks to make a enterprise breakthrough because the nation’s sole producer of banknotes and circulating cash at a time when money utilization is declining.
The state-run firm has been making pens and calendars as promotional presents by utilizing the supplies which are left over after printing out banknotes.
KOMSCO thought-about Hana Financial institution a super accomplice, because the nation’s third-largest industrial lender has been creating pillows, clocks, cushions and different merchandise from recycled supplies as a part of its Cash Dream Marketing campaign since 2023.
The marketing campaign performed a key function in Hana Financial institution’s success, incomes 5 awards on the 2024 Effie Awards Korea, which honors excellent advertising and marketing campaigns.
“The joint venture is significant because it turns the byproducts which are generated through the creation of money into one thing precious,” KOMSCO CEO Sung Chang-hoon stated. “We’ll proceed to create mannequin instances of a round economic system and a social worth by totally utilizing byproducts from the whole forex manufacturing and distribution course of.“
KOMSCO added that the joint venture represents “a step towards creating precious, eco-friendly merchandise whereas addressing environmental challenges and selling sustainability.”
KOMSCO additionally plans to start selling its merchandise online to the general public beginning this month. Among the many objects, pens have beforehand been accessible solely via custom-made business-to-business orders, whereas calendars had been freely distributed as New Yr’s presents.
In keeping with KOMSCO, about 500 tons of waste is generated within the cash printing course of and is burned yearly, contributing to environmental air pollution and waste issues.
