It commemorates Isang Yun (1917–1995), a Korean composer who was born in Tongyeong and later settled in Germany.
The foundation, initially chaired by Seong-Yawng Park, created a general prospectus of an annual instrumental competition to nurture international young players between 15 and 29 years old.
The organizers then selected violin and piano, because those were the top two disciplines to present the highest quantity of international competitions, and because Yun wrote many works involving those two instruments.
They also found that after one cycle of three editions, the winners had an opportunity to collaborate and play in piano trios.
[3] The name change was ratified in 2008 by the WFIMC's general assembly in Tbilisi, Georgia.
[citation needed] As of 2011, the competition has completed nine editions and three cycles, rotating among disciplines of cello, violin and piano.
The finalists choose from a list of concertos and play the pieces with a full orchestra.
The following are the prizes from the 2014 competition: Adjustments The winners also have to do concerts and CD recordings, as well as return visits to perform at Tongyeong.
[6] The judging for the first, second, and final stage consists of nine "jury" members, two of whom are from South Korea, the host country.
Starting in 2007, the Seong-Yawng Park Special Prize is given to the most promising young Korean performer from the second and final stages.