A word we are hearing more and more every day is fintech. A portmanteau of “finance” and “technology”, fintech refers to the new opportunities that entered our lives initially with the introduction of credit cards in the 1950s, but more prominently in the last 15 years or so, starting with online banking, all the way to our present time with cryptocurrency wallets, money transfers between individuals, trading stocks, cryptocurrencies, and NFTs on the go, and of course, mobile payment systems. And of course, with the introduction of these new technologies, a new need emerged: crypto localization.

So, what does this mean for us, crypto localization and translation professionals? Let us dive in.

What Does Fintech Localization Entail?

As I mentioned above, fintech products seek to solve problems in different areas and industries. To name a few, these include but are not limited to:

• Digital lending and credit
• Mobile banking
• Insurance
• Cryptocurrencies & Blockchain
• Banking as a Service (BaaS)

Many of the providers of these services address a global audience. As a consequence, they need the localization and translation of interfaces, disclaimers, legal texts, front-end and back-end texts (for developers and engineers from various backgrounds as well as for users), and support articles to have top-notch quality.

Typing the First Words: How to Familiarize with the Text and Why

In order to be able to provide high-quality translations, a translator must have an in-depth understanding of the services that the translated text offers. Often, I try to use the services provided by the client myself.

Let us say that I am assigned to a crypto localization project that I am not familiar with. I would start by seeing the processes of creating an account, verification of the account, depositing money, using the buy/sell interfaces, and reaching for support when I need help. Doing this is of critical importance, since as a crypto localization professional, my work should be able to touch the right points when providing information, or instructing the user to take an action. Having a general understanding of user experience is also a plus.

For the sake of brevity, it is crucial to be able to distinguish a call-to-action word from the same word used in a different tone, in a support article, for instance. This is one of the reasons why we need to familiarize ourselves with the subject matter so that the end-user will be getting what they need, while our client is getting what they want.

As for vocabulary, you may need to visit a couple of websites for news, interviews, reviews, and analyses on cryptocurrencies. I especially recommend doing this on a bilingual website, to be able to see what to expect by comparing the tone, common translations of terms, and in general, best practices of translation. By reading some of their materials, you will be able to make connections between words in your mind and save time by not looking everything up in a dictionary.

If you have time, you might also benefit from browsing websites focused on stock trading as well. Compared to traditional stock trading, cryptocurrencies are still the new kids on the block. Many terms and abbreviations also apply to the world of cryptocurrencies. After all, the exchanges work on similar principles.

It is also important to note that cryptocurrencies and NFTs are not the only byproducts of blockchain technology. If you are working on a source text focusing on the technological side of things, you may want to review some other sources for common terms and abbreviations.

Challenges a Translation Professional Might Face When Working With Fintech

As I mentioned before, many of the fintech innovations are relatively new to the world. One could even argue that some parts of fintech are still uncharted territory for many translators and localization specialists. The most common problem a translator might face would be the unfamiliarity of the text, as I went in-depth in the previous section.

Another problem would be the product’s niche. If we do not have a similar service provider in our native country, or if the product is presenting a completely new concept to our target culture and language, our hypothetical translation professional needs to get the flow of creativity going. Of course, inventing a new word for a foreign concept should follow exhaustive research across relevant sources. Only after finding no existing suitable terms should this step be considered. In addition to this, if we are working for a cryptocurrency company, we need to be familiar with the lexicon of the cryptocurrency industry of our target language. That makes research an integral part of the process.

A third problem can be cultural differences. For example, the word “interest” may have a counterpart in our target language, but this word might inherently harbor a negative connotation in the target culture, especially in Islamic cultures. Again, we need to do extensive research about the said word and figure out how translators before us overcame this issue if they ever did.

Recommendations for Translators that Work in Crypto Localization

As I said before, if you are working on something that will ultimately be used by the customer of your client, the best course of action would be to become a customer yourself. By doing this, you will have first-hand experience with the tone, choice of words, and style. This experience can provide a deeper insight than the style guide the client provided.

Another point of recommendation might be regarding the TMs and TBs we all know and love. Although many clients nowadays provide their localization specialists with helpful term bases and translation memories, it might be a good idea to form your own glossary on the side, which can be used on that specific project or have a more general application. Do not forget: Crypto is a new field that we must work in, and I do not think it’s going away anytime soon.

Embracing New Ideas

Regardless of being an experienced professional who may be reluctant to adopt new ideas, this peek behind the curtain is capable of creating miracles for your work. Make an account on an exchange and buy cryptocurrencies. Try your hand at futures trading. Invest in the stock market, both national and international. If you are not using online or mobile banking, try it. Withdraw money from an ATM using a QR code. Manage your investment portfolios from your phone’s home screen. Try getting your payments via an online wallet.

Even if you do not need these services personally, it is very important to have a certain level of familiarity with them if you are working on fintech projects.

New trends are everywhere. In 15 years, we started to order our dinners, call taxis, or check the train schedules using our phones, and these became important parts of our daily lives. Who knows what novelties the world will see in another 15 years? As translators, our capability of staying up-to-date with technological improvements is one of the determining factors of how good we are at our job, and today’s hot topic is fintech.

Written by
Berk Göbekcioğlu
Translator