A new award aimed at discovering new Korean indie films has been created by Busan International Film Festival in conjunction with Rising Films International, a Taiwanese production company.

Taiwan’s Rising Films International will fund the award, which carries up to 1 billion won ($758,000) in prize money to cover the film's production costs, according to Asia Contents & Film Market, BIFF's platform supporting content trading and international sales of local content.

The award will be given every year for three years, starting with BIFF 2023 in October, in a bid to support feature-length indie films with production costs below 1 billion won that are planning for theatrical release.

The film selected for the award will premiere at BIFF the following year, Asia Contents & Film Market added.

An agreement signing ceremony for this non-binding cooperation was held on May 3, attended by BIFF Festival Director Huh Moon-yung, Asia Contents & Film Market Director Oh Seok-geun, and Rising Films International Executive Director Link Cheng, CEO Rio Peng and President Paul Cheng.

Rising Films International is a Taiwan-based all-inclusive production company offering services in the production of films and drama series, global IP transaction business and more. The company has also recently taken part in filming a short virtual film in Hollywood, seeking opportunities to foster new talents and original content in the cultural content industry.

“We want to maximize the synergy with BIFF in discovering original IP contents and new topics in the cultural contents industry,” said Rising Films International Executive Director Link Cheng.