Preheat your oven to 350 degrees and prepare three 8- inch cake pans by rubbing generously with shortening and sprinkle with flour and 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 milk, egg yolks, coconut and vanilla extract and mix until just combined. Scrape the sides and the bottom of the bowl and mix for an additional few second to make sure all ingredients are combined.

In a separate bowl, combine the egg whites and the cream of tarter and mix with a hand mixer on high speed until stiff peaks form. When you take your beaters out, the meringue should stand straight up and not fall over on itself.

Carefully fold in the meringue to the cake batter in thirds being careful not to deflate the meringue. Continue with all meringue until fully combined and smooth.

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.

In the bowl of a stand mixer equipped with a paddle attachment, cream the butter and cream cheese together until fluffy. Add the coconut 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 the first layer of cake face down on a cake plate or stand and top with about ¾ cup frosting and smooth evenly. Continue with all cake layers.

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 coconut shreds into the frosting all along the outside of the cake.

Refrigerate until ready to serve.