Latipov got the better of a close opening round to take a 5-4 lead. However, the Mongolian fought back well to put himself 9-8 in front after two rounds.
The Uzbek just seemed to lose concentration at a vital point in the bout and Nyambayar took full advantage.
The Mongolian landed nicely with a right-hand counter that forced a standing count. The result now looked all but certain.
Latipov ran out of steam in the final round and Nyambayar cruised to a 15-10 victory.