South Korea’s banknote printing firm secures Indonesia substrate contract

According to an article in The Korean Times dated 20 April 2015, the Korea Minting and Security Printing Corporation (KOMSCO) is seeking customers outside of Korea to offset declines in production brought about by the introduction of a 50,000-won note in 2009 and the public’s increased usage of credit cards instead of cash. “KOMSCO signed a deal with the Indonesian government in February to supply 8 million ‘security papers’ with enhanced security functions for 880 million won over the next three years,” said CEO Kim Hwa-dong. The article mentions that KOMSCO has produced banknotes for the Indonesian government in the past several years, but doesn’t identify precisely which notes it printed. Curiously, all current notes in Indonesia (B104 – B108) bear the imprint PERUM PERCETAKAN UANG RI IMP and make no mention of KOMSCO.

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