Pat the shrimp completely dry with paper towels and season with salt and pepper. Heat olive oil in a large skillet over medium-high heat. Add the shrimp in a single layer and cook for 1-2 minutes per side, until pink. Remove from the skillet and set aside.

Reduce heat to medium. Add minced garlic and grated ginger to the skillet, cooking for 30 seconds until fragrant.

Pour in the full-fat coconut milk, lime juice, and red pepper flakes. Stir to combine, scraping any bits from the bottom of the pan. Bring to a gentle simmer.

In a small bowl, whisk together the cornstarch and cold water to make a slurry. Pour it into the simmering sauce and stir continuously for 1-2 minutes until the sauce has thickened.

Return the seared shrimp to the skillet. Stir to coat with the sauce and cook for one more minute to heat through. Remove from heat, stir in the fresh cilantro, and serve immediately.