The watchdog will be led by an executive director, funded by Facebook, YouTube, Twitter, and Microsoft.
Christchurch Call to Action: Laws needed for use of automated tools to filter extremist content, to avoid attack on free speech
Christchurch Call to Action is aimed at preventing online terrorist and violent extremist content.
Home Secretary Amber Rudd told the BBC that she would not rule out forcing technology companies to use it by law.
EU urges internet companies to do more to stop the proliferation of extremist content on their platforms
The EU said it will come forward with legislation next year if it is not satisfied with the progress made by tech companies in removing extremist content.
Dubbed the 'Digital Masala Challenge', the hackathon was organized to find ideas to combat violent extremism and polarisation in the social media.
YouTube is removing videos of hate speech and non-violent content featuring extremist leaders or groups
YouTube has resisted imposing more editorial control because it fears making it harder for important videos to get a wide audience, Juniper Downs, YouTube’s global director of public policy, told a San Francisco conference sponsored by the Anti-Defamation League on Monday.
The leaders of France, Britain and Italy want to push social media companies to remove “terrorist content” from the internet within one to two hours.
All four companies have initiatives to counter online hate speech and will use the forum to improve their efforts and train civil society organizations engaged in similar work.
Belgium specified that the technology was to be used by federal and state police and the Defence Ministry to uncover and track terrorists online.
Facebook is launching a program in UK to train local organisations to combat extremist material online
Facebook's new initiative will train non-governmental organizations to help them monitor and respond to extremist content.
Despite fighting extremist content for years, Google believes that more needs to be done on this front for YouTube, and that it needs to be done now.
Social media were heavily criticized by a committee of British lawmakers on Monday for failing to do enough to remove illegal and extremist material.
Google, which has seen a slew of companies withdraw ads after they appeared alongside extremist content, said on Tuesday it was introducing new tools to give firms greater control.
RBS, Lloyds and HSBC also announced similar moves over the weekend.
Web giants YouTube, Facebook, Twitter and Microsoft will step up efforts to remove extremist content from their websites by creating a common database.
Technology firms in the group with the recommendations include Microsoft Corp, Alphabet Inc's Google, Facebook Inc, LinkedIn Corp and Yahoo! Inc.