Heat olive oil in a large pot or Dutch oven over medium heat.
Add the chopped onion and sauté for about 5 minutes until translucent.
Stir in the minced garlic and cook for another minute, until fragrant.
Add the diced chicken breast to the pot and cook until no longer pink, about 5-7 minutes.
Pour in the chicken broth, then add the cannellini beans, diced green chiles, cumin, chili powder, paprika, salt, and black pepper. Stir to combine.
Bring the mixture to a simmer and let it cook for about 20 minutes to allow the flavors to meld.
Lower the heat and stir in the heavy cream and shredded Monterey Jack cheese until melted and creamy.
Taste and adjust seasoning if needed.
Serve hot, garnished with fresh cilantro.