Cut off the stem side of the papaya, scoop out all the seeds and stringy "gut" inside with a small spoon;
Peel off the skin and stand the papaya up in a bowl, set aside;
Before you start preparing the jelly liquid, use a measuring cup to fill your papaya with water and see how much liquid you need to fill it up, the size of your papaya affects the amount of the jelly mixture you'll need, adjust the amount as needed;
In a saucepan, pour in cold water and add the agar agar powder, stir to mix it well before you turn on the heat, if you add agar powder to boiling water it might clump;
Cook over medium-high heat and keep stirring to prevent the agar powder from setting at the bottom, bring the mixture to a full boil then lower the heat and let it simmer for 5 minutes, check the mixture to make sure there are no more particles left undissolved;
Add in the monk fruit or sugar, slowly pour in the coconut milk, bring to a boil again and keep stirring;
Skim off any bubbles or foam, and carefully pour the mixture into the papaya;
Place the stem back on then wrap with cling wraps, you can also secure the lid with a few toothpicks;
Let it cool down at room temperature for 20 minutes then transfer to the fridge, it should set in 30 minutes to an hour, different papaya sizes may vary in setting time;
Slice the papaya into quarters and then into 1/2 inch thick slices, serve cold, enjoy!