It’s a Crime to Be Gay but Singapore Wants Our Money
Newscenter, May 16, 2004
By Peter Hacker, Asia Bureau Chief
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
The island’s Prime Minister, Goh Chok Tong said that
despite the official line, his administration would hire openly gay people.
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