Maverick lawmaker Ahn Cheol-soo on Sunday announced that his political party to be launched next month will be named "New Political Party."

The name will be officially adopted at a meeting on Monday when some 320 members joining him meet for the first time to initiate groundwork for the party's launch.

"The name contains the meaning of 'new politics,' that is well known among the people, as well as the meaning of embracing the rational conservatives and introspective progressives," said Keum Tae-sup, spokesman of the new party's preparatory committee.

Ahn's trademark "new politics" champions breaking old political practices for a new political model, using politics for the better livelihoods of the people, uniting the people, keeping promises to the people, and giving up vested interests of political entities.

Public interest in Ahn has grown after the independent lawmaker announced the launch of the party in January and pushed to field candidates for the nationwide local elections in June. Recent surveys have shown that the new party could pose a challenge to the main opposition Democratic Party amid fizzling public support for the No. 1. opposition bloc.

The party name was selected from over 5,100 suggestions received through a one-week public campaign.

"There will be no abbreviation for the name," Keum said, adding that the name has already been approved by the nation's election watchdog, the National Election Commission.

Ahn, the founder of South Korea's largest antivirus software firm AhnLab, was elected to parliament last year after dropping out of the 2012 presidential race to back the then opposition candidate, Moon Jae-in. (Yonhap News)