TAIPEI (Taiwan News) — Taiwanese banks expanded lending to New Southbound Policy markets this year, pushing credit to NT$1.96 trillion (US$62.25 billion) in November, according to the Financial Supervisory Commission.

The FSC sets annual growth targets to support the government’s New Southbound Policy, which seeks to deepen economic ties with Southeast Asia, South Asia, Australia, and New Zealand, per CNA. For this year, regulators aimed for banks to raise credit balances to NT$1.89 trillion, a goal met in October, well ahead of schedule.

By destination, Singapore recorded the largest increase in lending at NT$60.2 billion, followed by Australia at NT$53.8 billion and India at NT$51.7 billion, per MoneyDJ. Banks cited resilient economic activity in these markets, which lifted corporate financing demand.

Among individual lenders, Taipei Fubon Bank posted the biggest increase in outstanding loans during the first 11 months, rising NT$30.2 billion. CTBC Bank followed with NT$29.9 billion, ahead of E.Sun Bank at NT$28 billion.

Cathay United Bank and Taishin Bank rounded out the top five, with loan growth of NT$20.8 billion and NT$19.4 billion, respectively, underscoring broad-based participation by Taiwan’s banking sector in southbound expansion.

The New Southbound Policy, launched in 2016, is part of Taiwan’s strategy to diversify trade and investment beyond China. In addition to banking support, the policy encourages Taiwanese companies to establish manufacturing and logistics operations in overseas markets.