With the rising of fintech in Vietnam – there are over 200 fintech companies in the country – there is a growing need for Vietnamese fintech translation services. In fact, the rapid growth of the fintech industry in the country has led some experts to predict that the market will be valued at $18 billion by 2024. This is a sector that is certainly worth looking out for and because of language barriers, effective Vietnamese translations will be necessary. As a result of this, it’s crucial that when you hire linguists to do your Vietnamese to English or English to Vietnamese translations, you need to ensure high-quality output together with the confidentiality of data. But there are other factors to explore and we take a closer look at these below.
What is fintech?
“Fintech” is a new term that arose to prominence in the late 20th century. It combines the words “finance” and “technology” to give new meaning to the term “fintech”, which ultimately looks at how financial needs can be met through the implementation of technological advancements. Some of the reasons why fintech has come to the fore and received such high prominence in multiple markets across the world include the internet, the proliferation of smartphones, as well as the declining levels of trust consumers have in traditional financial institutions, especially since the onset of the 2008 financial crisis. With this in mind, let’s explore what are some of the essential factors when it comes to Vietnamese fintech translation services.
Essential factors for Vietnamese fintech translation services
Vietnam’s economy is forecast to grow by 7.5% in 2022. The economy is also the 37th largest in the world and this means that it is developing rapidly. With the massive number of fintech in the country (around 200 at present), it’s essential that foreign companies entering the market or Vietnamese fintech companies seeking to penetrate external markets adapt to the language needs of their target consumers. Fintech consumers tend to be young people who have an affinity for technology and prefer the ease and convenience, which a fintech business offers in terms of financial services. These services can range from cryptocurrencies to blockchain, artificial Intelligence, digital banking, and so much more. But when embarking on a Vietnamese translation, whether from Vietnamese to English or English to Vietnamese, several factors need to be kept in mind. Here is a list of the most essential ones.
Accuracy and quality
Perhaps one of the most important factors when translating Vietnamese to English or translating English to Vietnamese in the fintech space is the accuracy and quality of the translation. In many cases, a translator would be dealing with numbers and figures that relate to the financial data of the given consumer. In other cases, they will be dealing with balance sheets, income statements, statements of account, complex legal documents and agreements, and even marketing materials such as websites, email marketing, social media marketing, and blog articles. In each of these cases, accurate and quality Vietnamese fintech translation services will be essential. This is because the industry calls for precision in terms of each word used.
Consistency and precision
The second important factor when dealing with Vietnamese fintech translation services is consistency and precision. One simply cannot translate the word “balance sheet” one way one day and another way on a different day. This is where fintech glossaries come in very handy to help a translator achieve consistency and precision in their translation efforts each and every time.
Scalability
Because of the rapid growth of the fintech industry in Vietnam, Vietnamese fintech translation services will also need to be scalable. This means keeping up with the rising demand for Vietnamese to English and English to Vietnamese translations. As a result, a quality translation provider will need to offer not only an appropriate quantity of translators who can produce high-quality outputs each and every time but also have the right software tools to ensure that there is consistency in the Vietnamese translation process.
Procedural flexibility
Speaking of the processes involved, flexibility is required when it comes to procedures. This is because, as mentioned above, fintech can require both marketing materials as well as legal and financial documentation to be translated from Vietnamese to English or English to Vietnamese.
Cost-saving efforts
Another essential factor when carrying out Vietnamese fintech translation services is the cost factor. While some providers on the market guarantee the lowest prices, they may not, for example, carry out two or three-step translation and editing checks which ensure the quality of the translation. In addition to this, fintech companies must balance their investment in high-quality Vietnamese fintech translation services with their desired outcomes and intended goals and key performance indicators (KPIs) such as growth and sales targets.
Ensuring confidentiality
But perhaps the most important factor when it comes to Vietnamese fintech translation services is the ability of each translator to ensure the confidentiality of the data that they’re dealing with. A fintech business necessarily by its very nature collects massive amounts of personal and confidential data, which could be very dangerous in the wrong hands. Malicious actors are constantly attempting to hack through organizations’ firewalls to gain access to this private data and also attempt to gain access to funds in illicit ways. To protect such breaches from happening, Vietnamese fintech translation services must not only ensure but also guarantee the confidentiality of all data that passes through their hands.
The way forward with Vietnamese fintech translation services
When translating Vietnamese to English or translating English to Vietnamese, especially in the fintech space, some essential factors must be borne in mind in order for each translation project to yield high-quality outputs and results. Starting from ensuring the accuracy and precision of the translation project, it’s also essential to have procedural flexibility together with scalability. But perhaps the most important aspect in the fintech space is guaranteeing the confidentiality of private client data. As a result, Vietnamese fintech translation services have a strong balancing role to play as they juggle multiple clients’ needs to produce high-quality outputs.