Advancing digital trade with the Commonwealth’s model law

In this episode, Trade Treasury Payments (TTP) editor Deepesh Patel spoke with Vashti Maharaj, Adviser for Digital Trade Policy at The Commonwealth Secretariat, and Neil Shonhard, CEO of MonetaGo, to discuss legal modernisation, digital public infrastructure, and how developing markets can accelerate adoption in practical and inclusive ways.

Listen to the full podcast here

Trade Treasury Payments (TTP) spoke with Vashti Maharaj, Adviser for Digital Trade Policy at the Commonwealth Secretariat, and Neil Shonhard, CEO of MonetaGo, to discuss legal modernisation, digital public infrastructure, and how developing markets can accelerate adoption in practical and inclusive ways.

For the Commonwealth, the launch of its new Model Law on Digital Trade is a big milestone, many months in the making. From paper-based systems, outdated legislation, and legal frameworks that do not recognise electronic documents or processe, there had been a number of barriers holding the organisation’s member states back from achieving their digital trade goals. The model law, Maharaj explained, is intended to give countries a simple, harmonised path toward digital-friendly legal reform, that is aligned with international best practice but tailored to the Commonwealth’s shared legal heritage.

Maharaj said, “Many member states understand the importance of legal reform, but they are grappling with antiquated systems that do not recognise electronic documents. The Commonwealth model law creates a common standard that can unlock transparency, reduce trade costs, and make it easier for countries to trade with each other.”

The Secretariat’s quantitative analysis estimates that digital trade legal reform could generate up to $1.2 trillion in benefits across Commonwealth economies. This is an economic opportunity that for many small and developing states is difficult to ignore.

Implementation, however, is where the impact becomes real. Maharaj noted that governments often lack the capacity to move from policy design to adoption, which is why the Secretariat supports members through gap assessments, legislative drafting, and market sensitisation. 

While legal frameworks have their role, digital public infrastructure is where the tangible benefits come to the fore. That is where MonetaGo’s work in Bahrain comes in. The Kingdom recently announced the launch of a national trade finance registry, which is a system designed to prevent duplicate financing and strengthen lender confidence.

Shonhard said, “The registry gives lenders a single trusted source of data to see whether a trade finance transaction has already been financed or owned by someone else. Lower fraud losses grow the appetite to lend, particularly to SMEs.”

Bahrain’s alignment between regulator, industry, and its newly established national development bank has created a test case. Ninety-five per cent of Bahrain’s businesses are SMEs, yet only a small proportion have access to finance. A secure financing registry, backed by MLETR-style legal recognition, aims to expand that access while reducing systemic risk.

Maharaj believes that Bahrain’s model is a sign of increasing and increasingly meaningful public-private collaboration. Transparent digital systems not only curb fraud and informal costs, but they also have a unique ability to improve investor confidence and make markets more attractive for cross-border engagement. “It is a win all around,” she said, noting that many Commonwealth states can use Bahrain’s experience as a blueprint.

Maharaj an Shonhard also spoke about a partnerships that is in the works between the Commonwealth Secretariat and MonetaGo, particularly in Africa, one of the regions where digital registries could deliver the fastest and most measurable impact. Every market, from the US to the Pacific Islands, benefits when lenders can verify ownership of invoices and other assets. According to Shonhard, registry adoption in India and Singapore has already shown consistent month-on-month growth and large increases in liquidity flowing to MSMEs.

As 2026 approaches, Shonhard believes that the focus should be on shifting the global mindset: “We know what works and what doesn’t. Alignment on policy, initiatives, and funding is what will accelerate digital trade.” As the year closes, the question for policymakers, banks, and technology providers is how will they shape 2026, and which partnerships will define the next chapter of digital trade?