Tech giant Oracle has teamed up with B-Hive Europe to launch a fintech innovation programme in Brussels.

The programme is aimed at helping European bank and insurance innovators to benefit from accelerated monetisation of fintech capabilities.

B-Hive, a European collaborative innovation fintech platform, brings together major banks, insurers and market infrastructure companies.

Oracle said it selected Brussels as a European gateway for its fintech innovation programme due to its central location and the presence of leading institutions in the city.

The technology major noted that it will dedicate additional European staff and resources to create mutually magnetisable relationships with fintechs and digital banking innovators.

Oracle senior innovation director Rik De Deyn said: “At Oracle, we realise that in Europe, results-driven digital innovation is thriving because of the historical roots of banking. We are choosing Brussels as our fintech centre for mainland Europe because of its excellent location.

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“Brussels is easy to reach from most European financial hubs, close to the European Commission, and an ideal location to bring together fintech innovators and financial institutions.

“Our work with B-Hive Europe will inevitably result in a faster time to innovation value for banks and insurers, and accelerated monetization for fintechs.”

Deyn will head the European roll out of Oracle’s fintech innovation programme.