The Ulaanbaatar event will be the third World Boxing Cup of 2024, following events in Sheffield, England in January and Colorado, USA in April. Its four-day competition is the first World Boxing Cup event to be held in Asia and is organised by the Mongolian Boxing Federation and World Boxing. 

The competition follows a format where boxers earn points at each of the annual events. These points contribute to an overall ranking that qualifies them for the finals.

It will feature bouts in seven men's and six women's weight divisions, with the winners earning the right to compete at the 2024 World Boxing Cup Finals, which will take place in Sheffield, England at the end of November 2024.

The announcement that Mongolia will host this event was made during a visit to the country by the President of World Boxing, Boris van der Vorst. He held a series of meetings with senior representatives of the Mongolian Boxing Federation.

World Boxing President Boris van der Vorst said, "I am delighted that we will be holding our first World Boxing Cup event in Asia. I am very grateful to the Mongolian Boxing Federation for their willingness to host the competition and for their steadfast and continued support of World Boxing and our work to build a better future for the sport."

"The World Boxing Cup in Ulaanbaatar will be a top class event. My colleagues and I are looking forward to working closely with the Mongolian Boxing Federation to bring this important competition to Asia," added Van der Vorst.

Ulaanbaatar is excited about the opportunity to see young talent on their home turf. We are very proud to bring this exciting new competition to Mongolia and look forward to working with World Boxing to deliver a fantastic event for our country and all the boxers who will take part," added Nyambaatar Khishgee, Mayor of the capital and Board Member of the Mongolian Boxing Federation.

The Ulaanbaatar event is one of the championships on the calendar, which was announced months ago. World Boxing aims to provide boxers with the opportunity to develop and compete against other boxers of their calibre.