Financial regulators are consulting on creating a global innovation network to promote fintech collaboration and testing.

The network could provide a more efficient way for fintechs to interact with regulators and expand across countries. It would also create a co-operative framework for regulators on innovation-related topics, including business models and new technologies.

In February the UK’s Financial Conduct Authority proposed a “global sandbox” for fintechs to test products across jurisdictions.

The Australian Securities and Investments Commission is involved in the consultation, along with regulators from Abu Dhabi, Canada, Bahrain, the US, Dubai, the UK and Guernsey, Hong Kong and Singapore, along with global finance partnership the Consultative Group to Assist the Poor.

They have released a consultation paper on an operating framework for the proposed network, including its functions and role supporting innovation.

The paper says regulators can conduct joint policy work and regulatory trials, support standard-setting bodies and share knowledge on emerging trends, trials and experimentation.

Consultation responses are due by October 14.