The Finance Leadership Network will bring together key individuals within Welsh public bodies to promote joint working and share best practice ideas.
Around 130 finance leaders representing a wide range of organisations, from police authorities to health boards, will make up the network set up by the Welsh Government and backed by the European Social Fund.
Announcing the funding Jane Hutt said:
"We are determined to maximise every pound spent in delivering public services. This network is a key commitment to help public services reforms.
"As well as supporting joint working amongst finance leaders, it will help develop innovative approaches to common problems across a variety of different organisations in order to promote best practice and ensure better value for money. I am pleased we have been able to back this initiative with EU funds."
The latest funding comes as the Network prepares to meet for a national conference at Glyndwr University today. The conference will highlight how, through working in partnership, the Welsh public finance community can collectively develop financial leadership improvements.
Among the activities being set up by the project is a transformational leadership programme tailored for Welsh needs to help enhance key skills. In addition, the network will continue to work collaboratively on key developments and improvements through regional and national conferences, events and training as well as a web forum to engage with finance leaders.
Umar Hussain, Director of Finance, South Wales Police who took part in the pilot leadership programme and is a key steering group member for the network said:
"The Senior Finance Person in each public sector organisation has a very important role in maximising value for money and improving services for citizens. This network and the opportunities it provides can help them make that real difference."
Another pilot participant, Helen MacArthur, Head of Finance, Legal and Risk Services, NHS Wales Shared Service Partnership, said:
"Meeting finance colleagues in other public sector areas and understanding their funding priorities and challenges enables us to have a common understanding and share best practice and ideas."