The event at the East Lothian club on 14-16 July will be part of the Trust Golf Links Series, which will see the LET Access Series return to the UK after a three-year hiatus.
Trust Golf, which already sponsors the Women’s Scottish Open, is backing the event at Musselburgh and another one at Ramside Hall near Newcastle the previous week.
In each event, 126 players will compete for the aforementioned prize pot, with the top two players also earning spots in the Trust Golf Women’s Scottish Open at Dundonald Links on 28-31 July.
In addition, in the Musselburgh event a minimum of three spots will be up for grabs in the Final Qualifying for the AIG Women’s Open, which is being held for the first time at Muirfield on 4-7 August.
Dr Prin Singhanart, the founder of the Thai-based technology enterprise and the Trust Golf Tour, said: “I am very keen on providing opportunities to young talents who have a promising future ahead of them.
“After sponsoring successful events on both men’s and women’s main tours, I believe that such support should be given to the rising stars who will follow in the footsteps of their golf idols.
“And, of course, providing playing spots for the Trust Golf Women’s Scottish Open and the AIG Women’s Open Final Qualifier will be a huge motivator for all the ladies in the playing field.”
Craigielaw’s Gabrielle Macdonald graduated from the LET Access Series last year on the back of two wins while players flying the Saltire on the circuit this season include Hannah McCook, Tara Mactaggart, Jane Turner and Clara Young.
Alexandra Armas, CEO of the LET, said: “We are excited about another collaboration with Dr. Prin and her vision to give opportunities for promising players as well as bringing Thai players to gain experience in Europe.
“Bringing the LET Access Series back to the UK is also another important step to make our development tour an even stronger platform for competition.”
The James Braod-designed Monktonhall course at Musselburgh has staged both Regional and Final Qualifying for The Open in the past.