banking, investments, shares, bonds, unit trusts, derivatives, commodities, cryptocurrencies, blockchain, annual reports, financial statements, factsheets, prospectuses, insurance and venture capital decks

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FINANCIAL TRANSLATION

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Financial Translation is a highly specialised field with many sub-segments, all with their own terminologies. A financial translator specialising in investments, for instance, may not be familiar with the intricacies of venture capital funding or the specific terminology used in insurance contracts. This is because each area operates under different regulatory frameworks and market practices, often requiring an understanding of local accounting standards and legal systems.

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A key challenge lies in the dynamic nature of the financial world. New financial instruments, regulations, and reporting standards are constantly emerging. This means that financial translators must be committed to continuous learning and professional development to stay abreast of the latest developments. For example, the rise of cryptocurrencies and decentralised finance (DeFi) has introduced a whole new lexicon. This rapid evolution requires not only linguistic skills but also a solid grasp of complex financial concepts.

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Another challenge with financial translation is the different treatment and formatting of numbers and figures in different languages. One example is the use of comma or period to separate whole numbers from decimals. In Singapore, which uses the period (or full-stop) to separate numbers from decimals (e.g. $10.50), one may not realise that the comma used in Europe and South America is not an error. The potential for errors increase when translating between languages like English and Chinese. In English, large number categories are organised in increments of '000 (or thousand), whereas in Chinese, numbers as organised in increments of '0000 (or ten thousand).

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At Wei.Trans.Create, we keep track of terminology and maintain consistency of the translated terms within the same project and client. We also assign the same translators to client projects. This ensures that the translators assigned to the client get familiar with and grow together with the client.

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