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5 Best Practices For Indonesian Financial Translation

Posted by Anne Quach on January 20, 2022.

When entering the Indonesian market, it is of great importance for insurance companies, banks, and other financial institutions to have their business documents well-translated into the Indonesian language. Indonesian financial translation is an essential step to help you avoid violating Indonesian business and financial rules and regulations, as well as gaining trust from your target Indonesian audiences.

In today’s post, let’s discuss the 5 best tips that you can apply to get the best Indonesian financial translation.

What Financial Documents Should Be Translated?

Even if you have a huge budget for your Indonesian financial translation project that allows you to translate all (or almost) financial documents into Indonesian, it might not always be a smart move to do so. Some documents might not be used at all, or only a few parts of them would be of use. Therefore, you should consider carefully what to translate and what to not.

Indonesian financial translation - 1

Here are some commonly translated financial documents for your references:

  • Financial Paperwork
  • Annual Reports
  • Income Statements
  • Insurance Documents
  • Cash flow statements
  • Balance Sheets
  • Business Plans
  • Tax Reports
  • Auditor’s Reports
  • Public and Private Offerings
  • Equities
  • Commodities
  • Prospectuses
  • Regulatory Documents
  • Websites

 

5 Best Practices For Indonesian Financial Translation 

Below are 5 tips that you should use to obtain high-quality Indonesian financial translations.

#1. Provide Your Translators With Enough Information

To get the most out of your Indonesian financial translation, you need to set clear goals and requirements for your project and make sure that your translators or translation agency are aware of them. You should provide them with the following information:

    • A description of your Indonesian target audience: Give the translators an overview of your customer profile – who are they? Do they have experience working in the financial field? What writing style should be used, and so on. All of this information ensures that the language used in the translations is not too complex or too simple for the intended audience.
    • Your expected quality: Do you require ready-to-publish financial documents in Indonesian or simply a summary to grasp the overall concept of a document? Let your translators know what you’re looking for so they can better meet your needs.
    • Your expected layouts: You should also specify the file types (.doc,.pdf,.xlx, etc.) and layouts you require so that the translators can adjust their translations to match the desired layouts.
    • Other specific requirements

 

#2. Always Prepare An Indonesian Financial Translation Glossary

When it comes to financial translation which is one of the most complex types of content to translate, you should never forget to prepare an Indonesian financial translation glossary. The glossary contains financial terms in the source language and their translations in Indonesian.

As a term in a foreign language can have numerous equivalences in Indonesia, an Indonesian financial translation will act as a standardized financial dictionary for your translators. As a result, even when numerous translators work on your content at the same time, you can rest assured that their translations are consistent and harmonized with your brand voice.

What’s more, the financial industry is inextricably linked to technology and innovation. That means new financial instruments and innovative concepts are being introduced to the market on a daily basis. New buzz words are added. Thus, you should update your Indonesian translation glossary regularly.

 

#3. Make Use of Translation Memory

Professional translators and translation agencies nowadays make use of CAT tools to support their work process. Translation memory is an outstanding and helpful feature of CAT Tools. It allows you to save all of your previous translation project data and reuse it in future projects.

In the case of Indonesian financial translation, this feature helps you guarantee the consistency and accuracy of your translated content. What’s more, you don’t have to pay full price for segments stored in the translation memory. In other words, you can save some money for your translation project.

 

#4. Compliance with Indonesian Regulations

As financial documents contain a lot of numbers, precision and accuracy are the two most important requirements and goals of an Indonesian financial translation. To achieve these, understanding and adapting your content to the regulation of Indonesia are a must.

The number formats, for instance, can change the entire meaning of your translation. In some countries, commas are used as decimal separators while in other places, the point serves this purpose. Without acknowledging the number format used in Indonesia, there is a high chance that your audience will misunderstand your translated content. Some mistakes can be easily fixed and some cost you a great deal of money to handle.

 

#5. Work With Professional Indonesian Financial Translation Providers

In order to produce an excellent financial translation, the Indonesian financial translation provider you work with must be a native Indonesian linguist with a thorough understanding of the Indonesian language and a subject-matter expert in finance. Here are some criteria to consider:

    • They must be native speakers of the Indonesian language.
    • At least 3 years of translation experience is required.
    • They should have a finance or accounting degree.
    • It’s a plus if they have worked in a financial firm.

To accurately evaluate their ability to handle your project, you should carefully select and test the translators. You can follow our instructions to prepare a test for your translation partners.

Based in Indonesia, GTE Localize has years of experience working providing Indonesian financial translation services. We have a network of the best native Indonesian translators with a background in finance and accounting. We’re well-versed in the pitfalls of financial document translation, so you can rest assured that your documents are in capable hands.

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Contact our team and schedule a free 1:1 consultancy with our Indonesian financial localizer today!