Preheat the oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.

In a large bowl, whisk together the flour, sugar, shredded coconut, baking powder, baking soda, and salt.

In another bowl, combine the coconut milk, vegetable oil, eggs, and vanilla extract. Mix well.

Pour the wet ingredients into the dry ingredients and mix until just combined.

Divide the batter evenly between the prepared cake pans.

Bake for 25-30 minutes or until a toothpick inserted in the center comes out clean.

Allow the cakes to cool in the pans for 10 minutes, then turn them out onto wire racks to cool completely.

Beat the cream cheese and butter together until smooth. Gradually add the powdered sugar and coconut cream, mixing until creamy and spreadable.

Once the cakes are cool, spread frosting between the layers and over the top and sides of the cake.

Garnish with additional shredded coconut if desired.

Slice the cake with a serrated knife and serve slightly chilled or at cool room temperature.