The Financial Conduct Authority is in talks with the government and industry representatives to create ways people can see and move their money more easily using cutting edge digital technology.
Called a 'digital passport', it is hoped the initiative will allow people to invest and buy products more easily since their information will come in a standardised format that they can share.
The project will be part of the FCA's 'regulatory sandbox', a kind of nursery that allows businesses to test innovative products, services, business models and delivery mechanisms in the real market, with real consumers, but with FCA guidance and support.
One industry group involved in the discussions is the Tax Incentivised Savings Association.
Harry Weber-Brown, who is leading the project for Tisa, said: "We are just starting to kick off discussions with the Government Digital Service at the moment.
"We are also talking to UK Finance and the FCA potentially about using their sandbox."
He said it was time for the industry to work together to create a "federated passport" to help people use financial services more easily.
The move towards a digital passport holding a person's financial details has been gaining ground in some quarters of the financial services sector, though has yet to go mainstream.
In September the regulator said it was not opposed to the idea of a portable fact find - where information becomes transferable from one adviser to another, rather than a client's new adviser starting from scratch - saying there was no reason why a client couldn't bring one from a previous adviser, as long as it was checked by the new one.
Tisa revealed to FTAdviser that it was considering the issue of portable fact finds in May.
Mr Weber-Brown said it was conceivable that Tisa could come up with a set of standards to create a cross-border digital passport, if it met EU rules.
He predicted that a pilot of this project would begin in February.
