Heat a nonstick skillet over low heat. Lightly grease a round ring mold, if using.
Whisk milk, eggs, sugar, oil, vanilla, and pistachio paste until smooth. Stir in flour and baking powder until just combined.
Pour a small amount of batter into the ring. Arrange the white chocolate pralines on top of the batter, then cover with a bit more batter.
Cook on low heat until the edges are set and the bottom is golden, about 4 minutes. Remove the ring and flip the pancake. Cook until golden and cooked through, about 4 more minutes. Serve immediately.