Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
In a medium bowl, whisk together the all-purpose flour, baking powder, and salt until well combined. Set aside.
In a large mixing bowl, beat the unsalted butter and cream cheese with an electric mixer until light and fluffy, about 3-4 minutes. Gradually add the granulated sugar, mixing until fully incorporated.
Add the eggs one at a time, beating well after each addition. Then, mix in the vanilla extract and coconut extract until combined.
Gradually add the dry ingredients to the wet mixture, alternating with the coconut milk. Start and end with the flour mixture, mixing just until combined. Fold in the melted coconut oil.
Divide the batter evenly between the two prepared cake pans. Bake for 25-30 minutes or until a toothpick inserted into the center comes out clean. Cool in the pans for 10 minutes, then transfer to a cooling rack.