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Preheat the oven to 350°F (177°C). Grease an 8-inch round springform pan with non-stick cooking spray and then line the bottom with a parchment round. You do not need to line the sides but make sure they are well greased.
In a large bowl, whisk together sugar and coconut milk until evenly combined and smooth. Sometimes the coconut milk separates while sitting in the can, so make sure to whisk smooth any chunks of coconut fat.
Add the flour. Use a spatula to mix it in until you have a mostly smooth batter. Do not overmix the batter. Make sure to use a spatula to mix it. Add in the chopped peaches and gently fold them in.
Pour the batter into the prepared pan and use an offset spatula to smooth it evenly across. Arrange the peach slices on top of the cake. You can do whatever patter or design you prefer.
Bake for about 65-75 minutes or until the cake is done. When the cake is done, it should be golden brown on the surface, a toothpick inserted should come out clean and if you apply light pressure to the surface of the cake, it should bounce back.
Let cake cool fully before cutting. If desired, you can dust cake with powdered sugar before serving. Store uneaten cake in fridge or freezer in an airtight container.