One Hour Translation, the world’s largest online translation agency, has identified marketing trends in the FinTech industry based on the analysis of a sample of 29,000 translation projects from English that were completed for FinTech companies between 2010 and 2017
FinTech companies in English-speaking countries are ramping up marketing efforts in Germany, Italy, France and Russia, with the sector of technologies for payments and remittances generating the majority of the global marketing activity for these companies, and with the sector of Blockchain and Bitcoin dramatically increasing its global efforts in 2017
November 6, 2017 – The markets in Germany, Italy, France, and Russia have, in recent years, been top marketing priorities for FinTech companies from English-speaking countries according to One Hour Translation, the world’s largest online translation agency. One Hour Translation examined a sample of 29,000 translation projects, collectively containing more than 50 million words, all handled by the company for FinTech companies between 2010 and 2017.
One Hour Translation’s analysis revealed that the ten leading target languages for translation projects from English since 2010 have been German (8% of the projects), Italian, French and Russian (each comprising 7%), Polish and Turkish (6% each), Spanish and Arabic (5% each), and then Greek and Chinese Mandarin (4% each).
The prominent FinTech sectors that created the demand for translations by One Hour Translation were companies from the fields of payments and remittances, Blockchain and Bitcoin companies, digital banks, robo-advisors and personal finance companies, InsureTech (which develops technology for the insurance industry), RegTech (which develops technology for regulatory compliance), and alternative finance (FinTech for the alternative market).
One Hour Translation estimates that the sector of technologies for payments and remittances engenders most of the global marketing activity for FinTech companies from English-speaking countries, as 80% of the FinTech translation projects since 2010 were carried out for companies from that sector. In addition, when examining the activity in 2017, it is revealed that the most popular target languages have been German and French (each comprising 7.8% of the projects) followed by Italian (7.6%) and Russian (7.3%).
Additional interesting data indicates growth in marketing activity in the sector of Blockchain and Bitcoin, which is in second place in terms of demand for translation projects in the FinTech sector, and dedicates significant marketing efforts in the Netherlands and in countries in East Asia. The number of translation projects for this sector leaped by 42% in 2017 compared to 2016, with the most popular languages in 2017 being Dutch (6.4% of projects), followed by Chinese Mandarin, Japanese, and Korean (each comprising 5.8% of the projects).
One Hour Translation’s findings regarding the popular target markets of the FinTech industry align with the data that comes up from prominent studies and events in the FinTech sector. For example, a study conducted for the Federal Ministry of Finance in Germany last year indicated that after Britain, Germany holds the second largest FinTech market in Europe, with 433 companies, expected to be worth 58 billion Euros by 2020.
The Italian market also generates massive FinTech activity. The website statista.com reports that the value of the transactions in the FinTech industry in Italy in 2017 reached a total of $30 billion. The website also reports that it is expected that this value will reach $55.3 billion by 2021 due to a CAGR of 17%. The same website also reports that the value of transactions in France in 2017 amounts to a total of $83 billion, and that it is expected that it will grow to $145 billion in 2021 due to a CAGR of 14.9%.
The focus by marketing companies on Russian markets is not coincidental, either. Ernst & Young’s FinTech Adoption Index from last year indicates that the rate of penetration of FinTech in Russian cities with populations of at least 1 million residents is 43% —third in the world after China (62%) and India (52%).
About One Hour Translation
One Hour Translation (www.onehourtranslation.com) is the world’s largest online translation agency, offering professional translation services to thousands of business customers around the world 24 hours a day, 7 days a week, 365 days a year. One Hour Translation offers professional translations performed by more than 15,000 human translators who are located in more than 100 countries and who provide services in 98 languages and in more than 3,000 language pairs.
One Hour Translation provides services for more than 60% of the Fortune 500 companies, including Coca-Cola, Microsoft, Amazon, IBM, HP, Xerox, Shell, Deloitte, HSBC, Procter & Gamble, IKEA, 3M, McCann, Allianz, and many more.
One Hour Translation specializes in translations in various business fields, including legal, technology, and marketing translations, website translations, mobile apps, software, and more. The agency also offers MyTeam, a dedicated team of translators that provides a particularly high level of speed and quality, just like having an in-house translation team at the company. One Hour Translation also offers services personally tailored to the needs of large organizations via OHT Enterprise.
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