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Preheat oven to 375°F. Line two 6-inch cake pans with banana leaves. Ensure that they are fully covered and that the banana leaves are sticking up over the sides. Set aside.
In a large bowl, mix melted butter, granulated sugar, eggs, and vanilla extract until fully incorporated. In a separate bowl, combine coconut milk and whole milk, then add to the egg mixture and stir until incorporated. Slowly whisk in the mochiko flour, baking powder, and salt. Once everything is incorporated, stir in half of the coconut flakes.
Pour cake batter into the banana leaf-lined pans, dividing evenly, and top with remaining coconut flakes. Bake 30-40 minutes, or until the cake is golden brown and does not jiggle when shaken. Remove from oven. Let cool 10–15 minutes before serving.