Outline
The Siptan is sponsored by Wonik Corporation and the Hanguk Kiwon. The format is hayago (blitz) with 10 minutes total and 40 seconds for byo-yomi. The final is decided in a best-of-3 match. The winner's purse is 25,000,000 Won (~US$26,000). It is the Korean equivalent of the Japanese Judan title.
References
Siptan Wikipedia(Text) CC BY-SA