Prepare an ice bath by placing ice into a large bowl filled with water.
Combine all the cendol jelly ingredients in a medium saucepan. Turn on the heat to high, and stir the mixture with a spatula.
Once the mixture starts to thicken, reduce the heat to low and continue to cook until it becomes a translucent paste. Cook for another 2 minutes.
Remove the pan from heat and carefully transfer the paste to a potato ricer working in batches, squeeze the paste through the rice over top of the ice bath, ensuring the "cendol noodles" are submerged in the ice water.
Leave the cendol in the ice water for 15 minutes.
Drain the cendol and set aside in the refrigerator until ready to assemble.
For the Sugar Syrup
In a small saucepan, combine the palm sugar and water and heat until thickened, about 5 minutes.
Transfer to a jar and let cool.
For The Finished Dessert
To assemble, layer azuki red beans, yellow mung beans, cendol jellies, and crushed ice in a bowl or glass.