Loan penetration extremely low in ASEAN

Guess which country has the lowest loan penetration at 30% of GDP?

According to Nomura, loan penetration is very low in ASEAN whilst growth has been subdued relative to BRICS countries.

"Within ASEAN, Indonesia still has by far the lowest loan penetration at 30% of GDP followed by the Philippines at 33%. Singapore has the highest at 129%. Thailand has seen the weakest loan growth since 2005 (CAGR of 9%) whilst Indonesia has seen the highest at a 21% CAGR."