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Benjamin Carton, Mr. Joannes Mongardini, and Yiqun Li

way to present the new tech cycle is to chart the growth rates of exports of several countries involved in the supply chain across Asia. Figure 2 shows the main release dates for Apple and Samsung smartphones (the grey and black vertical lines), and the three-month moving average of monthly growth rates of Chinese smartphone exports, South Korea semiconductor exports, and Taiwan Province of China export orders. 2 The figure clearly demonstrates three things. First, it gives a visual depiction of the correlation of component exports from South Korea and Taiwan

Benjamin Carton, Mr. Joannes Mongardini, and Yiqun Li
The enormous global demand for smartphones in recent years has created a new global tech cycle. In 2016 alone, global smartphone sales reached close to 1.5 billion, one for every fifth person on earth. In turn, this has engendered complex and evolving supply chains across Asia. We show that the new tech cycle cannot be captured by standard seasonality, but depends on smartphone product release dates. Decomposing cycle from trend, we also show that the sale of smartphones may have peaked in late 2015. Asia, however, continues to gain in importance as the global tech manufacturer.
Benjamin Carton, Mr. Joannes Mongardini, and Yiqun Li
International Monetary Fund. Monetary and Capital Markets Department
Technological innovation in Korea holds great potential for the deepening of its financial system, that could lead to an increase of product offerings and lowering of transaction costs. Korea’s financial sector legal framework, particularly the recently announced open banking initiative and anticipated amendments to the legal frameworks for electronic financial transactions and use of personal data, will play a key role in shaping the direction of innovation and competition in the financial sector. The already highly modernized and digitally connected state of the Korean financial sector will amplify the impact of these changes to market structure and competition. Korea’s fintech experience illustrates that even within an already highly technologically advanced, efficient, and inclusive financial sector, significant benefits can still be reaped from innovation in financial services.
International Monetary Fund. Monetary and Capital Markets Department

technologies to be compatible with most existing merchant card reader terminals (even older magnetic-stripe terminals), Samsung Pay was accepted widely among merchants without any need for them to update systems or install new readers. Security : Samsung Knox, pre-installed in most Samsung smartphones, is a security solution that segregates sensitive data and implements additional authentication controls for access. Additionally, Samsung Pay uses tokenization for transactions (i.e., similar to card transactions with EMV-chips, rather than transfer sensitive card