The Albanese government is seeking expressions of interest in joining its new Financial Innovation Committee.

Up to nine industry leaders and experts will join representatives from Treasury, the Reserve Bank of Australia, and the prudential and corporate regulators.

Assistant Treasurer Daniel Mulino says the committee will help identify where greater co-operation can support innovation and better outcomes.

It will share insights on emerging technologies, market developments and capability needs, and consider opportunities for greater regulatory co-ordination, joint regulatory sandboxes, standards development and other measures.

Insurtech Australia – which already participates in the Australian Securities and Investments Commission Digital Finance Advisory Panel – has welcomed the committee.

“We believe it is important insurance is represented both in terms of its own adoption of emerging technologies to improve customer outcomes, and its critical role to enable innovation across the broader economy,” IA CEO Simone Dossetor told insuranceNEWS.com.au.

“Innovation continues to be constrained by complexity, fragmented oversight and limited pathways for innovation to move from proof of concept to sustainable scale.”

Expressions of interest from “experienced financial sector leaders” close on November 27 and can be submitted here.

Applicants will hear back by the end of the year.