Pour olive oil into a skillet; add white pepper, smoked paprika, and cayenne pepper. Place the skillet over medium heat and warm the spices until fragrant, 2 to 3 minutes.
Stir shallot into the warm oil and spices; cook and stir until the shallot begins to change color, 3 to 5 minutes.
Stir cannellini beans and tomato paste into the shallot and spice mixture. Cook and stir while mashing the beans thoroughly, about 5 minutes.
Stir sherry and soy sauce through the mashed bean mixture; cook until the liquid evaporates, 1 to 2 minutes.
Remove the skillet from heat. Stir melted butter through the bean mixture; season with salt. Pack the bean mixture into the prepared bowl.
Chill in refrigerator at least 1 hour; garnish with parsley and paprika to serve.
