The Australian Securities and Investments Commission (ASIC) is seeking feedback on its regtech development proposals, which include technology trials and a “hackathon”.

A new regtech industry liaison network is also under consideration, according to the report, called ASIC’s Innovation Hub and our Approach to Regulatory Technology.

“ASIC believes regtech can help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters, while improving compliance and outcomes for consumers,” Commissioner John Price said.

“Our goal is to see the community benefit from these new technologies while minimising any potential risks.”

ASIC defines regulation technology, or regtech, as “the use of new technologies to solve regulatory and compliance requirements more effectively and efficiently”.

Examples of such technologies include artificial intelligence, natural language processing, data reporting, regulatory codification and big analysis technologies.

The regulator plans to hold a “hackathon” – or problem-solving event – with the industry later this year to explore issues commonly faced by the financial services sector.

ASIC plans to commit to trials using regtech in its regulatory supervisory and enforcement work, and provide an update on the results.

“We consider that sharing knowledge about regtech trials will promote the wider use of technologies that promote good consumer and market integrity outcomes,” it says.

The closing date for submissions is July 4. For more information, click here.