Fest's original remit was to focus on classic films of the past, but the new competition section aims to bring together new works by major international filmmakers who will be the "masters of the future".
CHIFFS will offer a $30,000 grand prize, plus smaller prizes that will bring the total awarded amount to $40,000.
Remainder of the program will continue to shine a light into Korean, Asian and world film history, including a retrospective of a contemporary master. John Boorman was chosen as last year's highlighted filmmaker.
Meanwhile, veteran actor Lee Deok-hwa will assume thfilm ne position of festival director for the second edition. Kim Hong-joon, who headed the previous event and was formerly festival director of the Puchon International Fantastic Film Festival, is expected to take on a role overseeing the festival's programming.
This year's CHIFFS is scheduled to be held from September 3-11.
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