Heat the olive oil in a small saucepan over medium heat.
Add the banana shallot, garlic, fresh ginger, and grated carrot. Cook for 2–3 minutes until softened and fragrant.
Add the spices and cook for another minute.
Add the soy sauce and coconut milk.
Pour in the vegetable stock and bring to a gentle simmer.
Cook for 20 minutes until the carrot is soft and the sauce has reduced slightly.
Blend until smooth if preferred.