01 - Preheat oven to 350°F (175°F) and thoroughly grease a standard bundt pan.
02 - Combine sweetened condensed milk, coconut milk, whole milk, eggs, all-purpose flour, sugar, melted unsalted butter, vanilla extract, and baking powder in a blender. Blend until completely smooth and homogeneous.
03 - Pour the blended mixture evenly into the greased bundt pan. Place the bundt pan into a larger baking dish and add hot water to reach halfway up the sides, creating a water bath.
04 - Bake for 50 to 60 minutes, or until the surface is golden and a toothpick inserted into the center emerges clean.
05 - Remove the pan from the water bath and let cool for 15 minutes at room temperature. Then transfer to the refrigerator and chill for at least 2 hours to set fully.
06 - Carefully unmold onto a serving platter, garnish with shredded coconut if desired, and serve chilled.