What is Financial Localization?
Globalization, technological developments as well as increased international relations and interactions by the day all incentivize the financial sector, which involves a high level of data flow, to overcome language and cultural barriers and maintain interactions with the whole world. Under the circumstances, demand for translation services also grows accordingly. Inasmuch as finance plays such a crucial role in today’s world, businesses in the financial sector consider addressing international investors and clients to be imperative.
Points to Consider When Translating Financial Documents
Financial translation is a part of technical translation and a type of translation which requires subject matter expertise and has specific terminology.
In addition to any required translation skills for that particular type of translation, translators are also required to have certain qualifications in this area of activity. In other words, speaking a language alone does not qualify for being able to provide accurate financial translation. On the other hand, financial terminology knowledge and analytical skills are also required.
The financial sector is in constant and rapid change. For quality financial translations provided by a professional approach, the translator must be familiar with the latest financial and economic developments and keep close watch over the sector. Otherwise, any translation provided without first becoming familiar with the latest developments could lead to both financial loss and intangible damages alike.
Any translator who specializes in finance is required to comply with confidentiality obligations and thus refraining from disclosing translated documents to any natural person or legal entities in addition to the requirement for using secure and encrypted network connection and computer.
It is of utmost importance that the translator adopts an attentive and meticulous approach towards the text. This is because financial texts contain plenty of facts and figures. A single clerical error in just one of such figures could lead to devastating consequences.
Moreover, the translator should pay particular attention to elements such as the type of formatting currency units and dates as these elements vary from one country to another. In addition, the translator should also beware of any false equivalence so as to avoid misinterpretation. In case of doubt, one should consult a financial specialist or refer to financial dictionaries.
A financial translator should also be familiar with mathematical concepts. For instance, decimal numbers are separated by a comma (,) in Turkish while a decimal point (.) is used for the same purpose in English. As a currency code, USD is written after the amount in Turkish while it is added before the amount in English. (e.g., Turkish: 3.000.000 USD and English: USD 3,000,000).
What Types of Content Does the Financial Sector Need?
Some of the contents that are on demand in the financial sector include the following: Annual reports, budget reports, auditors’ reports, financial reports, contracts, specifications, tender documents, loan agreements, certificates of incorporation, presentations, certificates of authority, corporate documents, feasibility studies, balance sheets, bank documents, investment & capital partnership, international commerce rules and regulations, financial statements, insurance policies, tax returns, invoices, market survey reports, etc.
Why is Confidentiality Important in Financial Translations?
When it comes to financial translations, free online translation tools or otherwise relying on a friend may not be satisfactory or safe. Instead, receiving support from a professional translation agency specialized in the field could protect you against any potential undesired outcomes. A professional translation agency signs a binding non-disclosure agreement with its translation team, ensuring strict measures under such agreement. Under this agreement, it is strictly forbidden to disclose your personal information or any content for which you have requested translation to any third parties, institutions, or organizations without your prior explicit consent. Implemented for the purpose of preventing the risk of data theft, this procedure ensures your security as well as the security of your business.
