Preheat oven to 392 degrees F (200°C). Grease and flour a 10-inch ring pan and set aside.
Blend corn and coconut milk in the blender until obtaining a creamy mixture. Strain the mixture into a bowl and reserve.
Wash blender quickly to remove corn leftovers and blend well the reserved mixture with sweetened condensed milk, flour, sugar, eggs, and butter until obtaining a homogeneous mixture. You may have to stop the blender once or twice to scrape flour down the blender walls. Make sure mixture has no lumps.
Place mixture into the prepared baking pan and bake cake for about 50-60 minutes or until a toothpick comes out mostly clean. A sheet of aluminum foil may be placed loosely on top of the pan during the last 25-30 minutes of the baking process in order to avoid excess browning.
Remove baking pan from the oven and place on a rack to cool down. You can run a knife around to help loosen the cake. Invert onto a serving plate and serve as is or with a coconut glaze.
For the coconut glaze (optional), whisk well the powdered sugar and coconut milk together until no lumps are found. Drizzle over the cake and sprinkle the coconut flakes on top. Enjoy! If desired, cover the cake and refrigerate. Chilled (and on the second day) it is even more delicious than at room temperature and on the first day.