Coupang will provide 100 million won ($70,700) in scholarships to 60 descendants of Korean independence activists, the e-commerce company said Thursday.

The initiative, announced ahead of the 81st anniversary of Korea’s Liberation Day, is intended to honor independence activists and help their descendants continue their education.

Under an agreement with the Korean Liberation Association, Coupang will fund scholarships for 20 university students and 40 high school students. University students will receive 3 million won each, while high school students will receive 1 million won each.

The association will select recipients from September through November based on recommendations from its regional branches and a review by its scholarship committee. A scholarship ceremony is scheduled for December.

“This program goes beyond financial assistance by remembering the sacrifices of independence activists and passing their patriotism on to future generations,” an official from Coupang’s social contribution office said.

Kim Jin, standing vice chairman of the Korean Liberation Association, said the program would help young Koreans develop a stronger sense of national identity and pride.

“We hope the recipients will carry on the spirit of their ancestors and grow into talented individuals who will lead Korea’s future,” Kim said.

Coupang said it plans to expand support for independence activists, national merit recipients and their families.

By Jeon Ji-woo (jwjeon7625@heraldcorp.com)