Preheat a convection oven to 300 degrees F. Grease a large cake pan with oil.
Mix together the cake mix, egg whites and 3 cups water. Pour into the cake pan and bake for 20 minutes, rotating halfway through.
Meanwhile, mix together the condensed milk and coconut milk. Pour over the cake and place in the refrigerator to cool for 1 hour. Once cool, spread the whipped topping over the cake and sprinkle on the coconut.
Cut into 8 sections and serve.
NotesThis recipe was provided by a chef, restaurant or culinary professional and may have been scaled down from a bulk recipe. The Food Network Kitchens have not tested it for home use and therefore cannot make any representation as to the results.