Despite a cut in prize money, HSBC will commit a seven-figure annual sum to the Women's Champions golf tournament for the next three years.

Players qualify for the competition, which launched in 2008 and this year saw the world's top ten players compete, by winning tournaments on the LPGA Tour and by placing in the Top 20 on the Rolex Ranking.

"The last 12 months have seen some of the toughest times the world economy has faced in all our living memories. It's for that reason that I'm particularly pleased to announce that 'the world's local bank' will be bringing the HSBC Women's Champions back to Singapore for another three years," Guy Harvey-Samuel, chief executive of HSBC Singapore, told a press conference.

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"The prize money will be reduced to US$1.3 million for the 2010 event. It will then increase to US$1.4 million for the 2011 event. The field will also reduce slightly to 63. However, the good news is that given how many tournaments have struggled in the past year, we have stayed firm behind our commitment to women's golf. The tournament will not change."