An online Women's Speed Chess Championship is set to begin later this month ©FIDE

The International Chess Federation (FIDE) has announced plans to stage an online Women's Speed Championship starting later this month.

The event, being organised by the FIDE and the Chess.com website, is scheduled to run from May 28 to July 3.

It is set to be the second virtual Women's Speed Championship following the inaugural edition, staged during the height of the pandemic last year.

Eight qualifiers are planned between May 28 and June 6, before the main event takes place from June 10 to July 3.

The FIDE and Chess.com have revealed the prize fund for the tournament will be $64,000 (£46,000/€53,000), the highest ever for a women's online event.

The winner will receive $20,000 (£14,000/€16,000), with $12,000 (£8,600/€9,900) up for grabs for second and $3,000 (£2,100/€2,500) for third.

Several chess events have been held online during the COVID-19 pandemic.