Fairmont St Andrews will become the first Scottish venue to host an Asian Tour event.
The inaugural St Andrews Bay Championship will be played on the modern links Torrance Course from 24-27 August.
St Andrews has previously staged events on the DP World and European Seniors Tours, as well as qualifying for the Open Championship.
The 156-strong field will compete for a minimum $1.5m prize purse.
The new championship will be one of 10 held as part of the Asian Tour’s elite-level International Series.
“There are few greater experiences in golf than playing in Scotland,” said Cho Minn Thant, the tour’s commissioner and chief executive.
“Our players are really looking forward to teeing it up at a venue that is linked to the origins of the game as we know it.”
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