Preheat the oven to 175°C (350°F). Grease and flour a small round cake pan or line it with parchment paper.

In a mixing bowl, sift together the flour, cocoa powder, sugar, baking powder, baking soda, and salt.

In a separate bowl, whisk the egg, vegetable oil, coconut milk, water, and vanilla extract. Gradually add the wet ingredients to the dry ingredients, mixing until smooth.

Pour the batter into the prepared pan and bake for 25-30 minutes, or until a toothpick inserted into the center comes out clean. Let the cake cool completely.

For the ganache, heat the heavy cream until warm (but not boiling) and pour it over the chocolate chips. Let it sit for 1 minute, then stir until smooth. Spread the ganache over the cooled cake.

Sprinkle shredded coconut and powdered sugar over the top for decoration. Slice and serve.