Government seeks EOI from experts for financial innovation

Treasury is seeking expressions of interest from financial sector leaders and experts to join the new Financial Innovation Committee.

The committee will bring together government, regulators and industry to identify and prioritise opportunities to support financial innovation.

It will strengthen collaboration between government and industry across Australia's financial system and help to identify where greater cooperation can support innovation and improve policy, regulatory and market outcomes.

Up to nine industry leaders and experts will join representatives from Treasury and financial regulators, including the Reserve Bank of Australia, APRA and ASIC.

The government said it is looking for experienced leaders who understand emerging technologies and market developments and can bring a broad financial-system perspective to the table.

"Innovation needs the development of new products, services, business models and ways of working that improve outcomes and productivity," assistant treasurer Daniel Mulino said.

"The committee is an opportunity to make sure innovation delivers better outcomes for consumers, businesses and our economy.

"The committee will share insights on emerging technologies, market developments and capability needs, and consider opportunities for greater regulatory coordination, joint regulatory sandboxes, standards development and other enabling measures."

Expressions of interest close November 27.

The Financial Innovation Committee is part of the government's recently unveiled Financial Innovation Strategy, designed to support a coordinated whole-of-government approach to financial innovation.

The strategy will repeal and replace the existing legislative regulatory sandbox framework to make it more flexible and will work through ASIC's existing relief powers.

The government will also seek to develop targeted sandboxes that focus on AI, tokenised assets, digital money and digital financial market infrastructure.

The federal government has recently backed an overhaul of Australia's regulatory sandbox framework, agreeing to repeal the legislation underpinning the Enhanced Regulatory Sandbox (ERS) and replace it with a more flexible model designed to support financial innovation.