Statistics do, in fact, say that Asians have higher IQ on average compared to other races. However, something to note is that IQ is not at all entirely decided through heredity and also is definitely not the representation of intelligence as a whole. The effect of the 'smart genes' on 10 is small, according to a 2014 study.
IQ can also be trained through brain-training activities, and will increase with more studying. Asian do not necessarily have smarter genes, but the culture that puts so much emphasis on studying allows them to get higher scores on these tests.
The ability to quickly process information and having quick wits has a relatively similar meaning with the Asian definition of smart, while the ability to process something independently is more in line with the western definition of smart. We believe aside from genetics, which may seem like a very convincing theory by the way, educational curriculums are at the root of everything.
Asian students tend to just memorize everything which leads to lack of creativity. If Asians are so smart, why doesn't Korea have any Nobel Math Prize winners? Isn't it ironic?
Even though Asian students put so much effort into education and look so smart from the outside, once you see past that...it's extremely doubtful that their knowledge would be innovative or revolutionary.