KB Financial Group has announced on Thursday that it will host a debate competition for university students called the 2023 KB Solveathon in July.

The term "solveathon" is a combination of the English words "solve" and "marathon," according to KB Financial Group.

Similar to a marathon that requires runners to complete a 42-kilometer route, the debate competition requires participants to engage in presentations and debates for around 42 hours to discover the best solution for the future of finance.

The competition, which is held for the second time this year, will be chaired by Debate Korea CEO Yoon Seok-ho.

The competition is open to any Korean university student who can form a team with four members, all of whom must attend the same school.

Multiple teams from a single school can participate in the competition, however, only a maximum of three teams from each school can make it to the finals.

In the initial stage, 16 teams will be shortlisted based on document and video screening. Following that, a debate tournament will be conducted from July 6 to 8, where four finalists will be chosen to proceed to the final round. The final competition will be held on July 13 at the KB Kookmin Bank headquarters located in Yeouido, Seoul.

The winner of the competition will be awarded a prize of 3 million won ($2,200) and given the chance to participate in an academic exchange program, in partnership with top universities abroad.

The winning ideas will also be implemented into KB Financial's business operations.

Interested participants can apply through the KB Solveathon website until May 31.

In addition, in commemoration of the 50th anniversary of diplomatic relations between Korea and Indonesia, the Indonesia Solveathon for Indonesian university students will also be held this year.

Sixteen participants will be selected through preliminary rounds to take part in the three-day competition held in Korea by the financial group.