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Place the chili flakes in a medium sized heat proof bowl. Set aside. Add the oil, ginger, bay leaf, star anise, cinnamon, and green onions to a saucepan and heat over medium-low until it starts to bubble gently and the green onions start to brown, 5-6 minutes, or until the oil reaches 300°F. When the time is up, carefully use a slotted spoon to remove and discard the aromatics, leaving the oil in the pot.
Heat the oil in the pot until it is hot and shimmery, 350°F. Carefully pour the hot oil into the bowl with the chili flakes – it will sizzle and bubble up. The oil should be bright red. When cool, stir in the fried shallots, fried garlic, and roasted soy beans.
Transfer to a clean jar and store in the fridge. Chili oil keeps pretty much indefinitely but I’m pretty sure you’ll use it up quickly.