SEOUL (AFP) - South Korea's Hynix Semiconductor said Sunday it has developed the world's fastest and smallest one-gigabyte chip for mobile phones with mass production scheduled for early next year.

The new chip is capable of processing 1.6 gigabytes of data per second, the world's second-largest computer memory chip maker said.

The company said it would start mass production in early 2008 of the chip, which can be applied to "ultra-small electronic devices and memory products." Hynix aims to become the world's top chipmaker in 10 years through aggressive investment in next-generation products.

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