The Busan International Film Festival announced Monday that it will create a prize in honor of the late Kim Ji-seok, co-founder of the festival and formerly its head selector. Kim died while visiting the Cannes film festival in May.

“Kim dedicated his whole life to discovering young Asian directors and supporting the growth of Asian cinema,” the festival said in a statement.

The prize will be awarded to two films appearing in the festival’s window on Asian cinema section. Each will receive a cash award of some $10,000 (KRW100,000).

The prizes will be selected by a three-man committee consisting of critic and curator Tony Rayns, former Variety correspondent Darcy Paquet, and Indonesian director Garin Nugruho.

This year’s festival will run Oct. 12-21, 2017.