CU, KOMSCO team up to expand gold product sales

[Courtesy of BGF Retail Co.]

Convenience store chain CU announced on Wednesday that it has signed a memorandum of understanding (MOU) with the Korea Minting, Security Printing and ID Card Operating Corporation (KOMSCO) to collaborate on new business initiatives.

Under the MOU, CU will work on expanding the distribution of gold products, incorporating KOMSCO’s information and communication technology (ICT) into customer services, and launching new products based on KOMSCO’s anti-counterfeiting technology.

CU specifically plans to introduce new gold products featuring its intellectual property (IP), including CU characters, by the end of 2024. The company is also considering implementing kiosks that use KOMSCO’s mobile ID verification technology. The partnership will also aim to expand blockchain-based local currency service ‘CHAK’ nationwide.

The decision to broaden the scope of collaboration comes after the successful launch of KOMSCO’s card-shaped gold product in April 2024, which recorded sales of about 100 million won ($72,300) within three months.

CU will operate a ‘Korea Cheer Together’ pop-up store at its Olympic Park branch in Seoul from July 25th, 2024, to August 8th that coincides with the Paris Olympic Games. The pop-up store will showcase and sell around 90 profile photo cards of the athletes on the Korean Olympic team that are made from gold.

“We aim to create differentiated customer value by combining CU’s infrastructure with KOMSCO’s technology to generate business synergies across various fields,” BGF Retail CEO Min Seung-bae said. BGF Retail operates CU.