Step 1Combine the coconut milk and coconut in a saucepan and heat over medium heat until simmering.
Step 2Combine the butter, flour and whipping cream. Whisk the butter mixture into the simmering coconut milk mixture. Heat, stir occasionally, until the sauce is reduced and thickened, about 15 to 20 minutes. Stir in the sugar. Strain the sauce through a fine cheesecloth-lined strainer and set aside to cool.
Step 3Spoon 2 tablespoons red bean paste into the center of a spring roll wrapper. Spread the paste to form a 3-inch square. Moisten the edges of the wrapper and fold the sides in over the bean paste to form a square package. Repeat the process with the remaining bean paste and the 3 remaining spring roll wrappers.
Step 4Heat the oil to 375 degrees for deep frying in a wok. Fry the pancakes until crisp and golden brown, about 3 minutes. Drain on paper towels. Cut each pancake into four quarters.
Step 5Spoon about 2 tablespoons of the coconut sauce onto the bottom of each of 4 serving plates. Arrange the 4 quarters of each pancake on top of the coconut sauce on each plate. Sprinkle the pancakes with sweet taro powder. Serve warm.