The Australian Securities and Investments Commission (ASIC) has revealed plans to create a liaison group to encourage regulatory technology (regtech) innovation.

The regulator revealed its plan in report entitled ‘Asic’s Innovation Hub and our approach to regulatory technology’.

The new group will consist of regulators, consumer bodies, technology firms and academics. It will aim to develop new platforms to enable financial services firms comply with regulations efficiently and inexpensively.

These technologies could include use of artificial intelligence, natural language processing, data reporting, regulatory codification and big data analysis technologies.

As part of the move, the regulator also plans to organize a hackathon in collaboration with financial services firms later this year.

RegTech Association chairman Julian Fenwick said the report helped build understanding of ASIC’s regtech priorities and therefore provide a pathway towards sustainable and strong industry growth.

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“We are very pleased to see that ASIC has identified the enormous potential of RegTech,” he added.