Preheat your oven to 350 degrees and prepare three 8- inch cake pans by rubbing generously with vegetable shortening and dust with flour and set aside.

In a medium bowl, add the flour, baking powder, and salt and whisk. Set aside.

In the bowl of a stand mixer equipped with a paddle attachment, cream the butter and sugar until light in color and fluffy.

Add the vegetable oil, coconut, and vanilla extract. Mix until just combined.

Add the eggs, one at a time, and combine after each addition.

Add half of the dry ingredients and mix until there are no dry spots remaining.

Slowly pour in the coconut milk and mix until fully combined.

Add the remaining dry ingredients and mix until there are no dry spots remaining. Scrape the sides and bottom of the bowl to insure all the ingredients were mixed well.

Divide the batter evenly between the three prepared pans and gently tap on the counter to remove any air bubbles.

Bake for 20-23 minutes or until a toothpick inserted in the center of the cake comes out clean.

Remove form the oven and allow to cool in the pans for 10 minutes then invert onto a wire rack to cool completely.

Add the egg yolks in a small bowl and whisk to combine. Set aside.

Add the sugar, cornstarch, and milk to a large saucepan and heat over medium heat, stirring continuously, until the mixture begins to bubble and thicken.

Remove the pan from the heat and whisk a few teaspoons of the milk mixture into the egg yolks. Add the egg mixture to the large saucepan.

Place pan back on the heat and stir in shredded coconut. Bring the mixture to a light boil and allow to boil for 1-2 minutes until thickened.

Remove form the heat and add the butter and both extracts and mix until well combined.

Add the custard to a medium bowl and cover with plastic wrap allowing the wrap to touch the top of the custard and refrigerate until ready to use.

In the bowl of a stand mixer equipped with a paddle attachment, cream the butter and cream cheese together until fluffy. Add the coconut and vanilla extract and mix until combined.

Add half of the powdered sugar and mix until there are no dry spots remaining. Scrape the sides and bottom of the bowl.

Add the remaining powdered sugar and mix until just combined. Increase speed to high for 2-3 minutes until nice and fluffy.

Use a large, serrated knife to remove the domes form the top of the cakes if necessary.

Place some of the frosting in a piping bag with a large round tip.

Place the first layer of cake face down on a cake plate or stand and pipe a dam of frosting around the outside of the cake. Place half of the custard inside the ring and smooth evenly.

Repeat with the other layers of cake.

Once you have placed on the last layer, cover the entire outside of the cake with a thick layer of frosting. Place the cake stand in the center of a large baking sheet and use a clean hand to gently tap the toasted coconut shreds into the frosting all along the outside of the cake.

Refrigerate until ready to serve.

Keep stored in an airtight container in the refrigerator for up to three days.