The Joseph Schooling Sports Scholarship was announced yesterday by the Eurasian Association at a special event held to honour the Olympic gold medal-winning athlete.
The scholarship will support talented athletes in various sports who demonstrate that they can balance their studies with sporting commitments. More details about the scholarship will be released next year.
Schooling, who was at the event with his parents Colin and May, said: "Thank you for the scholarship named after me... it really means a lot to me; it really hits home."
Schooling was also conferred the title of Visitor of the Eurasian Community House at the event, which was attended by around 70 Eurasians.
He is only the fourth person to be given the honour. The Visitorship had previously been conferred on the late president S R Nathan, former foreign minister George Yeo and former minister and former Speaker of Parliament Abdullah Tarmugi.
President of the Eurasian Association Benett Theseira said: "We are pleased to confer on Joseph the Visitorship to the Eurasian Community House as he has proven himself as an elite athlete who has inspired Singaporeans with his perseverance and outstanding achievements."