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| Securency International | |
|---|---|
| Name | Securency International |
| Type | Subsidiary |
| Industry | Banknote printing |
| Founded | 1997 |
| Fate | Acquired |
| Headquarters | Melbourne, Victoria |
| Products | Polymer banknotes, security substrates |
| Parent | Note Printing Australia |
Securency International was an Australian-based manufacturer of polymer banknote substrates and security products formed in 1997 as a joint venture combining state-owned and commercial interests. It became notable for pioneering biaxially oriented polypropylene substrates for banknotes used by central banks worldwide, and for its commercial expansion in the late 1990s and 2000s into markets across Asia, Africa, and the Americas. The company later attracted regulatory scrutiny and litigation relating to international sales practices prior to its integration into national printing operations.
Securency International was established in 1997 when Commonwealth Scientific and Industrial Research Organisation technologies and Note Printing Australia capabilities were reorganized to commercialize polymer substrate innovations, drawing on research linked to CSRIO (note: early polymer note development involved Commonwealth Scientific and Industrial Research Organisation). In the late 1990s and early 2000s the company expanded through export agreements and strategic partnerships with authorities in United Kingdom, Canada, India, Argentina, and various states in Africa. During the 2000s global demand for enhanced currency durability and anti-counterfeiting drove rapid adoption, with clients including central banks in Papua New Guinea, Indonesia, Vietnam, Mozambique, and Samoa. Corporate events included commercial licensing, technology transfers with entities in Belgium and Germany, and changes in shareholder arrangements culminating in increased integration with Note Printing Australia and oversight by Australian federal institutions.
Securency produced polymer substrates based on biaxially oriented polypropylene tailored for banknotes, integrating complex security features such as transparent windows, intaglio-printable surfaces, holographic patches, and optically variable devices. Production combined film extrusion, surface coating, and substrate security embossing processes informed by materials science research from Commonwealth Scientific and Industrial Research Organisation and manufacturing techniques used by firms in Japan and Switzerland. The substrates were compatible with specialized printing processes employed by security printers including Giesecke+Devrient, De La Rue, Thomas de la Rue, Crane Currency, and Dharmanandan affiliates, enabling integration of features like microtext, latent images, and security threads used by issuers in United States, United Kingdom, and European Central Bank jurisdictions. The product range evolved to meet requirements from central banks influenced by standards from organizations such as International Organization for Standardization and market practices seen with issuers like the Reserve Bank of Australia.
The company became the focus of international investigations and legal proceedings in the late 2000s and early 2010s related to allegations of improper sales practices, including claims of bribery and corruption in securing contracts across Asia and Africa. Regulatory inquiries involved agencies and inquiries linked to institutions similar to Australian Federal Police, Serious Fraud Office (United Kingdom), and other prosecutorial bodies in jurisdictions where contracts were awarded. High-profile cases prompted parliamentary inquiries and media coverage from outlets reporting on dealings involving intermediaries and consultants connected to deals in countries such as Indonesia, Vietnam, Papua New Guinea, and Bangladesh. Outcomes included civil litigation, internal investigations by parent entities and remediation measures aligned with anti-corruption frameworks like the OECD instruments and national anti-bribery statutes in Australia and United Kingdom.
Originally structured as a joint venture combining commercial and publicly-owned assets, the firm’s ownership involved state-linked printing operations and private stakeholders with strategic ties to national minting and printing authorities, including associations with Note Printing Australia and connections to procurement overseen by central banks such as the Reserve Bank of Australia. Over time, shareholder composition shifted through corporate restructuring, acquisitions, and national policy decisions influencing sovereign control of currency production, with oversight influenced by government entities and treasury offices in Canberra and state administrations in Victoria.
Manufacturing centered on specialized substrates requiring clean-room extrusion lines, coating facilities, and quality assurance laboratories. Major sites included production and R&D facilities located in Melbourne and networks of licensed converting partners and security printers in Europe, Asia, and Africa to support onshore printing and finishing. The operational setup mirrored industry practices used by producers in Germany and Japan, integrating pilot lines for currency trials with collaboration from testing laboratories associated with central banks and standards bodies like International Organization for Standardization testing committees.
The client base comprised central banks, treasuries, and security printers across multiple continents, with contracts awarded in nations such as Indonesia, Vietnam, Papua New Guinea, Fiji, Samoa, Mozambique, Rwanda, Afghanistan, and Bangladesh. Competition included established security substrate and banknote producers such as De La Rue, Giesecke+Devrient, Crane Currency, and regional printers in India and China. Market drivers included currency durability, counterfeit deterrence needs expressed by central banks like the Reserve Bank of New Zealand and Bank of England, and procurement cycles managed by ministries of finance and monetary authorities.
Governance arrangements evolved amid scrutiny, prompting adoption of enhanced compliance programs, audit processes, and anti-corruption policies patterned on standards advocated by Organisation for Economic Co-operation and Development and anti-bribery frameworks in Australia and United Kingdom. The parent entities implemented risk management, third-party due diligence, and reporting mechanisms to align procurement conduct with expectations from multilateral development agencies and bilateral partners such as Asian Development Bank and World Bank where relevant to currency modernization projects. Internal reforms sought to reconcile commercial expansion with fiduciary responsibilities tied to public-sector stakeholders and central bank clients.
Category:Banknote printing companies