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Open banking can be defined as a collaborative model in which banking data is shared through application programming interfaces between two or more unaffiliated parties to deliver enhanced capabilities to the marketplace. [Photo/VCG]

Operated by Ant Financial Services Group, an affiliate company of China's Alibaba Group, Alipay users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app.

Ortagus also said that "the early comments from the DPRK delegation do not reflect the content or the spirit of today's eight-and-a-half-hour discussion".

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Other currencies which have borne the brunt of the dollar's rally in the last two weeks such as the Australian dollar, Canadian dollar and the Swiss franc stabilised on Wednesday, rising between 0.2 to 0.4 percent.

Online peer-to-peer (P2P) lending, where investors sidestep traditional lenders such as banks to lend directly to borrowers, exited the innovation arena this year as a result of the country's ongoing efforts to crack down on risky forms of financing.

Our App of the Week is Facebook Camera, a new way of sharing photos on the social network.

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Other carmakers including GM made a similar plea earlier this month.

Online fashion saw the maximum growth in terms of brand power. Consumer electronics and mobile gaming accounted for almost half the brand power of the Top 50 companies at 34 percent and 14 percent, followed by home appliances and e-commerce at 11 percent and 10 percent, the report said.

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Ongoing or approved projects will be subject to the new standards from April 1, 2019.

Opposition parties, legal scholars and civil rights groups, however, are adamant that the bill could be arbitrarily applied to ordinary citizens and allow law enforcement authorities undue rights to infringe on civil liberties by way of unrestrained surveillance, for example.