Introduction

CONTENTS
Introduction
Management Philosophy

We will fulfill our corporate social responsibility by striving to meet theexpectations of all our customers, shareholders, and business partners.
We will compete successfully in the market by promoting our threeshared values: practical implementation of the principles of customer
satisfaction as a leading-edge service company; mutual respect forour interests and those of our business partners; and developing acorporate culture of creative innovation.

To realize Credit Saison’s management philosophy, the Declaration of
Conduct and the Standards of Conduct have been established.
Declaration of Conduct

Standards of Conduct

Credit Saison has established theDeclaration of Conduct to clarify
how the Company should conduct
its activities in order to realize its
management philosophy.

We have established the Standardsof Conduct that provide specificguidelines for employees to act
in accordance with theDeclaration of Conduct.
We shall share the Standards ofConduct and act accordingly.

Click here for details of the Declaration of Conduct and Standards of Conduct.
https://corporate.saisoncard.co.jp/en/company/compliance.html

About the Company’s corporate colors

Saison Blue
Symbolizing people’s happinessand aspirations

Saison Green
Symbolizing trust, peace of mind,
culture, and innovation

Contents/Editorial Policy
Basic Concept of the Medium-term Management Plan
Credit Saison’s History of Continuing to Create New Value
Transforming the Business Portfolio
The Six Businesses

Management Vision

6 Message from the CEO
8 Interview with the COO

Value Creation Strategy

Declaration of Conduct and Standards of Conduct

The concept behind our logo

12345

12 Value Creation Process
13 Retrospective Overviews of Past Medium-termManagement Plans
14 Overview of the Current Medium-term Management Plan
15 Establishment of the Saison Partner Economic Zoneand Reinforcement of Cooperation among the Group‘sCompanies: Interview with the Executive Officer in Charge
19 Capital and Business Alliance with Suruga Bank Ltd.
21 Global Business: Interview with the Director in Charge
23 Acceleration of Global Business Expansion
27 Revitalization of the Payment Business29 Promotion of Healthy Growth and Expansion into New
Fields for the Finance Business
30 Integrating the Finance Business and the Payment Business
31 Human Resource Strategy: Interview with the Executive
Officer in Charge
33 Human Resource
38 CSDX Strategy: Interview with the Director in Charge
41 Financial Capital Strategy: Interview with the Executive
Officer in Charge

Editorial Policy

Credit Saison works diligently to provide its wide range of stakeholders, including customers,shareholders, and investors, with accurate information in an equitable manner on a timely basis.
In addition to an overview of its operating results and financial standing, theCredit Saison Integrated Report 2023 contains non-financial information thatcovers environmental, social, and governance (ESG), as well as a wide rangeof other fields. This report is intended to help our many stakeholders to better
understand the Company’s efforts to create value over the medium and longterm and ensure its sustainable growth.
In compiling this report, we have referred to the International Integrated
Reporting Framework recommended by the IFRS Foundation and theGuidance for Collaborative Value Creation issued by Japanʼs Ministry ofEconomy, Trade, and Industry (METI).

1

Sustainability

44 Sustainability of the Credit SaisonGroup
46 Response to Risks/Opportunities
48 Response to Climate Change(Information Disclosure Based onthe TCFD Recommendations)
50 Environment
52 Human Rights
53 Contributing to a Safe, Secure,and Convenient Cashless Society
54 Information/Cybersecurity
55 Coexistence with Local
Communities
56 Roundtable Discussion between
Outside Directors
59 Corporate Governance
63 Board of Directors/Audit &Supervisory Board Members/
Executive Officers

Data Section

65 11-Year Summary of Selected
Financial Data
66 Segment Highlights/
5-Year Non-financial Data
67 Corporate Information/
Investor Relations Information
68 Major External Awards/
Editor’s Postscript

Forward-looking Statements

This report contains information including details of theCompany’s management plans, projections, strategies, andestimates that are not historical facts. This information reflects
the beliefs of management based on currently available
information. Projections and forward-looking statements are
subject to certain risks and uncertainties.
As a result, projections of future performance, the businessenvironment, and other forward-looking estimates might differ
materially from actual results.

Reporting Period

This Report covers the 2022 fiscal year (FY2022: April 1, 2022, toMarch 31, 2023). Some activities in FY2023 are described as well.

Introduction

Basic Concept of the Medium-term Management Plan

Innovative

Internal
Venture Program

Utilizing
Generative AI

P35P40Digital

With all kinds ofproblems as starting points,
innovate existing values
and create new value

By promoting digital conversion
in combination with real life,change the customer/
employee experience

DNA of CreativeDestruction

P3

We follow three concepts to drive
our businesses and create new value

Expansion intoLatin America

P25

GlobalUse ﬁnancial services as a method
to take on the challengeof ﬁnancial inclusion

2

Breakthrough inthe India Business

P24

Developing DX
Human Resources

P38

Introduction

Credit Saison’s History of Continuing to Create New Value
New unconventional services
1988
Developed an international credit card withno annual membership fees through a tie-up
with Visa and Mastercard

1951Founding of Midoriya Co.,
Ltd., a department store thatsold products on a monthly
installment basis
1982
Issued the Seibu Card with noannual fee and started instantcredit screening, instant card
issuance, and instant use at
Saison Card counters

1951

The dawn of the Saison Group’s
philosophy and culture

2002
Started Eikyufumetsu Points,
a program for points thatnever expire

1985
Launched the credit
guarantee business

Making society more
prosperous throughinnovation

FoundingSeiji Tsutsumi, the founder of the Saison Group, foresaw
the growth of consumer needs after the needs for food,clothing, and shelter had been satisfied following WorldWar II. Tsutsumi advocated an “integrated lifestyle industry”
to promote distribution reform by expanding business toall areas of daily life while leading the consumption
culture. “Always paying attention to thecustomer and providing society withnew innovations”—this idea is at theheart of the Saison Group.

2006
Launched the points exchange
website Eikyufumetsu.com (currentlySaison Point Mall)
2009
Entered the Flat 35 loans business

1997
Issued the Saison American
Express® Card through a tieup with American Express

Neo Finance Company

1980

2000

A change of businessstructure

Acceleration of theGlobal Business

Creating revolutionary
innovations one after
another to become the No. 1
credit card company

Expansion of the credit cardbusiness and full-fledged
advance into the financebusiness

Growing from a Japanese
non-bank to a financecompany distinctive in Asia

Conversion to thepayment business

2014

2022

Acceleration ofdigitalization
Transformation into acomprehensive life
services group
Fusing real and digital toachieve customer success

Always from thecustomer’s perspective

2010
Issued the world’s first Centurion designcard with American Express

2017
Started handling Saison Rent
Guarantee services

2013
Started handling Saison Asset Formation Loans

Providing exhilarating experiencesthat exceed customer expectations
by utilizing digital technologies

2018
Established Kisetsu Saison Finance (India) Pvt. Ltd. in India

2014
Established a subsidiary in Singapore

32023
Brazil/Mexico market entries

2021
CSDX Strategy announced
Launched Saison’s Lifestyle Research website
toward transformation into a comprehensive
life services group

Note: “American Express” is a registered trademark of American Express.
Credit Saison Co., Ltd., uses the trademark under license from American Express.

Introduction

Transforming the Business Portfolio
Global Business

Construct a business model without relying on the Payment (Credit) Business

RealEstatLe

nceBe–rasee lausin
esstedB us

B usin e ssin e s sePayms

34.5 billion¥inusesFina

nt B

al

60.9 billion

¥Bus

iness

Est
ate–relatedBusiness
Lease Busine
ssses
sint BunemEntertainPaym eus
nt BBuNewBusiness

3:3:3:1sinesslBstate–related
Bu sLein e s s
aseBusi
nessa

Re

FY2008Operating Revenue(JGAAP)

ceananFinceRe

FY2022Business Proﬁt(IFRS)

Medium- to long-term
Business Portfolio Balance
FinCredit Saison has continued to transform its business portfolio with a view to securing mediumto long-term growth while responding to changes in the environment, including the launch ofpayment services by other industries, enforcement of the revised Money Lending Business Act(2010), and the global spread of COVID-19. In particular, we are working to strengthen otherexisting businesses and create new businesses with the aim of constructing a business model
without relying on our longstanding mainstay Payment Business.
In terms of the balance for the medium- to long-term business portfolio, we envision a
3:3:3:1 ratio structure for the Payment, Finance, global, and new businesses, respectively. We
are steadily approaching this 3:3:3:1 ratio by expanding the Global Business and bolstering thePayment Business structure.

P ay m ensit BunessssineBustn
nmeEntertai

GlobalBusinessinessPayment Business*1Finance Business*1ssneusi
BtninmeEntertaGlobal Business*2New Business*1 The Payment Business includes the Entertainment Business; the Finance Business includes the Lease and Real Estate–Related Businesses*2 From the ﬁrst quarter of FY2023, the Global Business, which was included in the Payment Business up to FY2022, has been changed to an independent reporting segment.

Payment Business
Finance Business
Global BusinessChanges in mainstay businesses

19802010

2014

42023

(FY)

Introduction

The Six Businesses
Including the credit guarantee and financebusinesses, we fulfill a variety of financial functionsthat address market needs, while providing suchproducts and services as credit guarantees forfree loans that can also be used for businessfunds, Flat 35 with preferential benefits for card
members, and Saison Asset Formation Loans toassist in the acquisition of investment real estate.

We offer a variety of payment services, including
credit cards and smartphone-based payments,
with an eye to bringing about a cashless society.
We also engage in rent guarantee businessactivities that are closely aligned to our credit cardbusiness. Moreover, we undertake back-officeprocessing operations on a contract basis onbehalf of credit card and other companies.

Finance Business

Payment Business

We undertake concert andother ticket sales and engage
in related activities thatencompass the amusementbusiness, among others.

EntertainmentBusiness

Real EstateRelated Business

Global BusinessWe conduct the real estatebusiness, real estate leasing
business, and servicing(loan collection agency)
business, among others.

Lease BusinessWe offer “finance leases” and “business-use
installment sales” based on office automation(OA) communication equipment tailored to thecapital investment plans of business operators.
Besides supporting business trends suchas the POS cash register peripherals market,
which facilitates cashless payments, wetake on challenges in growth fields such asenvironmental products.

Driven largely by the lending and investment
businesses, we promote business development
not only in Asia but also globally. We aim toachieve financial inclusion by offering digitalized
and localized financial services to people(underserved people) and small businesses
that are unable to receive sufficient or adequate
financial services.

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