TAIPEI (Taiwan News) — Taiwanese banks’ loans to New Southbound Policy countries totaled NT$1.86 trillion (US$60.5 billion) in September, the Financial Supervisory Commission said Wednesday.

The figure was up NT$40.2 billion from a year earlier and reached 55% of this year’s goal, per CNA. The monthly balance slipped NT$9 billion in September, ending two months of gains.

India posted the largest increase among New Southbound markets, with loans up NT$35.3 billion, followed by Australia at NT$34.6 billion and Singapore at NT$32.5 billion. The FSC attributed the growth to robust regional economic activity fueling corporate borrowing demand.

For this year, the FSC set a target to expand loans by NT$72.8 billion, aiming for a year-end total of NT$1.89 trillion. The commission said financial institutions continue to support Taiwan’s economic outreach to ASEAN, South Asia, and Oceania.

The top five banks contributing to the increase were Taipei Fubon Bank, CTBC Bank, Taishin Bank, E.Sun Bank, and Cathay United Bank, with gains ranging from NT$11.6 billion to NT$25.3 billion.

Taiwan launched the New Southbound Policy in 2016, encouraging banks to expand branches and increase credit to businesses in these countries, per Liberty Times. The FSC said it will monitor banks’ lending portfolios while sustaining momentum.