How Does Finance Translation Work in Financial Industry Worldwide?

by Target Language Translation Services

- June 29, 2021

Information and communication technologies have offered diverse technological resources and tools to foster access to markets, agriculture advisory services, climate-smart solutions, financial services, data generation and traceability, and framework(s) to implement and monitor the policies and progress.

Improved communication has enabled the business nurturing environment, unlocked the influx of new opportunities, and widened smallholder farmers' reach to far-off markets. ICTs are expected to create the ripple effect on smallholder farmers in developing countries in improved productivity, economic sustainability, and social development with growing uptake.

In recent years, the development of ICTs in China has set a hallmark of poverty alleviation and inclusive growth for developing countries, like Pakistan, India, Bangladesh, Iran, etc.

Absolutely, among the global development of ICTs, financial translation takes a great part.

Financial translation deals with the translation of documents related to the economy, finances and banking. It involves a wide range of topics and types of reports and documents, such as:

About Insurance: Regulatory documentation, terms & conditions, financial reports etc.

About Tax & accountancy: Tax reports, audits, income statements, expense reports, national tax regulations and other supporting documents.

About Real estate: Listings, contracts, local regulations, insurance policies, financial protection, income statements etc.

About Manufacturing: Order sheets and contracts, expense reports, staff contracts, market reports etc.

About Investment: Prospectuses, bonds, equities and reports for local authorities.

About Start-ups: Income statements, cash flow statements, investment summaries, financial forecasts, growth plans etc.

When you are translating important financial documentation, you need more than language experts. You need a financial linguist with financial expertise and experience working on the documents in question, who is highly trained as a linguist and involved in all types of banking activity, tax, stock market and more general economic activities.

Likewise, a company publishing quarterly reports for multiple audiences will benefit from localizing each version of the report to suit the interests of local audiences, something that goes beyond basic translation just like the application of ICTs.

So it is vital that you choose a language services agency that not only has the expertise needed to translate your documents, but also understands where they need to be adapted for specific markets and audiences.

This article is reprinted from China Daily and translate plus.

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