Soak red beans in water overnight or for at least 4 hours. Drain and rinse the red beans. Cook red beans in fresh water until very soft, adding more water if needed. Drain and mash the cooked red beans into a paste.
In a bowl, combine mashed red beans, sugar, and water. Mix well until sugar dissolves and a smooth paste forms. Stir in half of the cornstarch until no lumps remain.
Pour the red bean mixture into a saucepan. Cook over medium-low heat, stirring constantly, until the mixture thickens into a thick paste. Transfer the thickened red bean paste into a heatproof dish or mold. Smooth the top.
In a separate bowl, combine coconut milk, sugar, and water. Mix until sugar dissolves. Stir in the remaining cornstarch until no lumps remain.
Pour the coconut mixture into a clean saucepan. Cook over medium-low heat, stirring constantly, until the mixture thickens into a thick, creamy paste.
Carefully spoon the thickened coconut paste evenly over the red bean layer in the dish. Smooth the top surface. Let it cool completely at room temperature, then refrigerate for at least 3-4 hours, or until fully set.
Once chilled and set, slice the pudding into desired shapes and serve.
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