Preheat your oven to 350°F.
Grease a 9-inch round cake pan or a loaf pan.
In a large bowl, whisk together the flour, baking powder, baking soda, salt, and shredded coconut.
In a separate bowl, beat the sugar, eggs, oil, vanilla, and coconut milk until smooth.
Pour the wet mixture into the dry ingredients.
Stir until just combined.
Do not overmix.
Pour the batter into the prepared pan and smooth out the top.
Bake for 30 to 35 minutes or until a toothpick inserted in the center comes out clean.
Let the cake cool completely in the pan.
Once cooled, spread the whipped topping over the cake.
Sprinkle shredded coconut evenly over the top.
Slice and serve.