The $1.8m film, scheduled to start shooting in mid-May, tells the story of a young Hong Kong man who runs away to Taiwan and becomes inspired by a group of Zen drummers.
The project, which has secured funding from Medienboard Berlin Brandenburg, will be produced by Twenty Twenty's Thanassis Karathanos, Kenbiroli's Rosa Li and Arc Light's Peggy Chiao. The producers are also close to finalising a deal with a European sales agent and cast will announced soon.
The Drummer is the first Asian co-production for Twenty Twenty whose credits include the drama A Perfect Day which won two prizes at Locarno last year.
Karathanos said he was attracted to the project because of its "strong story, which despite its exotic setting is based around universal subjects including family conflicts."
Bi, who first came to attention with award-winning DV film A Small Miracle, most recently directed acclaimed comedy Rice Rhapsody starring Sylvia Chang and Martin Yan.