Tradenet Maldives Strengthens Governance and Compliance

Tradenet Maldives, the operator of the National Single Window (NSW), has announced progress in corporate governance and compliance as part of its Strategic Action Plan for 2024-2026.

The state-owned company, which plays a key role in integrating trade processes across the public and private sectors, announced the introduction of new internal policies to enhance transparency, accountability, and ethical standards. The company said that these policies align with the Code of Corporate Governance set by the Privatisation and Corporatisation Board.

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Tradenet’s National Single Window platform, launched with support from the Asian Development Bank (ADB), facilitates electronic data exchange for trade, streamlining the process and improving efficiency across the supply chain. The platform is designed to enable businesses to exchange trade documents in standardised formats, contributing to greater clarity and operational efficiency in the trading community.
As part of its broader governance initiatives, Tradenet has revised its People Operations and

Procurement policies, focusing on employee management and transparency in procurement. In July 2024, the company also revamped its website to comply with the Maldives’ Right to Information (RTI) Act, improving access to tenders, audit reports, job announcements, and other key documents. This move resulted in a significant boost in compliance, from 5.9% in the first quarter to 88% by the third quarter.

Internal audits conducted throughout 2024 across key departments have led to a 38.7% improvement in compliance and operational efficiency. Tradenet also completed external audits for 2021, 2022, and 2023, further reinforcing its commitment to financial transparency and accountability.

The company has advanced its risk management framework, implementing measures to identify and mitigate potential risks. It has also made progress in institutional capacity building, developing Standard Operating Procedures (SOPs) and introducing training programmes to ensure adherence to governance standards.

Tradenet plans to expand its audit activities, enhance risk management capabilities, and pursue international certifications such as ISO to further standardise its processes. These efforts, alongside the ongoing development of the National Single Window, reflect Tradenet’s dedication to upholding the highest standards of governance, transparency, and operational resilience, contributing to sustainable growth in the Maldives’ trade sector.