Singapore—Homosexuality in Singapore is punishable by up to two years in prison, but, a government run bank says it is going after the pink buck.
The DBS Bank announced this week it is looking into issuing a special credit card targeting the gay market. The bank points to studies showing that gays are “affluent” and that they support brands that touch them personally.
“If the market is big enough, we will consider it,” said Edmund Koh, head of consumer banking at DBS.
The Singapore government’s investment arm, Temasek Holdings, owns 28.8% of DBS.
Singapore’s government has recently refused to let the country’s largest gay rights group register as a society. Last month the government ordered Singapore’s only gay rights organization to disband.
Nevertheless, several mainstream Singapore businesses have begun chasing gay market and are pitching their services and products to homosexual customers.
The island’s Prime Minister, Goh Chok Tong said that despite the official line, his administration would hire openly gay people.Independent analysis of last year's Nation 03 event showed the gay tourists spent $S1000 a day, excluding air fares and hotels, which is four times the tourist average.
"What's important in Singapore is economic success," said William Case, associate professor of business of Queensland's Griffith University.
"The Government has seen studies that suggest societies that apply tolerance tend to be more creative," he said. "There may also be gains to be made from having a vibrant arts community in attracting expats, in getting international companies to base themselves there."
But Nation 04's organiser, Stuart Koe, still recovering at his office at gay media group, fridae.com, said "it's not just economic". He points to a change in social attitudes.
"Five years ago when we planned the first party, a lot of people said 'It won't work. You'll get shut down. The Government won't allow it.' There was a lot of self-censorship."
Koe got one break. A loophole in the licensing law meant he did not have to apply for permission because it was held on the resort island of Sentosa, which has an automatic event licence. Fifteen hundred people showed up; the Government did nothing.
People now feel more empowered and confident and more willing to take risks, Koe says. They "are starting to venture out more and censor less".
Ravin said: "Singapore has a lot of talented people who work hard and want to have fun. Events like this, if they're well conducted, will show the Government it's OK."
There is a warmer government attitude. It has announced it will hire openly gay people in the public service and the Singapore tourism board has promoted the event. Even so, Nation 04 rated no mention in the government-controlled mainstream press.
