TAIPEI (Taiwan News) — Lending by Taiwanese banks to New Southbound Policy countries rose NT$58.8 billion (US$1.76 billion) in January, the Financial Supervisory Commission said Wednesday.
Outstanding lending totaled NT$2.06 trillion at the end of January, up from NT$1.99 trillion at the end of December, per CNA.
The FSC has set a 2024 growth target of NT$80 billion for lending to New Southbound countries. The year-end goal is NT$2.08 trillion in outstanding loans.
Compared with the end of last year, Australia saw the largest increase, with outstanding loans rising NT$29.9 billion, per Liberty Times. Singapore followed with a NT$15 billion increase.
The FSC explained that stronger local economic activity in those markets drove higher corporate borrowing demand. It added that diversified financing channels and financial support continue to underpin southbound expansion.
By bank, Taipei Fubon Bank posted the largest increase in outstanding loans, up NT$10.1 billion. Bank SinoPac rose NT$8.6 billion, while First Commercial Bank increased NT$7.9 billion.
Taishin International Bank reported a NT$7.7 billion rise and E.Sun Commercial Bank recorded a NT$5 billion increase. Launched in 2016, the New Southbound Policy targets economic and cultural ties with nations South Asia, Southeast Asia, and Oceania.
