Indeed, the latest Global Financial Development Report, published by the World Bank in November 2013, indicates that 80% of the population above 15 years of age have accounts at a formal financial institution. The comparable figure for Singapore is 98%. Some 20% of the adult population is still unbanked.
Looking at past history a little more closely, we have come to realize that the problems are more than just the aftermath of the bursting of the bubble, such as debt overhang and excess labor. We are actually facing more deep-rooted and difficult problems.