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Add olive oil just enough to coat the bottom of a small sauce pan over medium heat. Add garlic and sauté for a few seconds until fragrant.
Add hoisin sauce to the saucepan. Stir for about 10 seconds until the sauce looks thinner. Then add peanut butter, give everything a quick stir.
Add coconut milk and stir to combine. Once the sauce starts to simmer, add ¼-⅓ cup of water to adjust consistency to your likings (you can also add more coconut milk instead of water).
Reduce the heat as needed to maintain a very gentle simmer and avoid boiling the sauce. Add salt and soy sauce, taste and adjust to your likings. Transfer to a clean bowl to let it cool down.
The sauce can be served once it is no longer hot, or you can refrigeratate and serve it the next day after warming it in the microwave or on the stove.