Bank internationalisation traditionally takes the form of lending to non-residents, but increasingly non-resident securities are purchased. These assets are funded mostly by international loans and deposits, rather than the issuance of securities. Within the Asia Pacific region, the largest net beneficiaries of international bank funding to developing economies are China, India and South Korea. Importantly, apart from the financial centres of Hong Kong and Singapore, which show significant outward as well as inward banking flows, Chinese Taipei is an important international lender. Australia and New Zealand remain significant net international borrowers. The Global Financial Crisis reversed earlier developments with China and Japan now becoming net international borrowers, while both Hong Kong and Singapore have reduced their net asset positions.