Combine all —coconut cream, chopped red pepper, minced garlic, soy sauce, and peanut butter—in a small saucepan over medium heat.
Whisk continuously as the mixture heats up. This will help the peanut butter melt smoothly and incorporate fully into the sauce, preventing any clumps.
Once the sauce begins to gently bubble, reduce the heat to low and let it simmer for 5 to 10 minutes, stirring occasionally. The sauce will thicken as it cooks.
Remove the saucepan from the heat once the sauce has reached your desired consistency.
Taste and adjust the seasoning with salt and pepper if needed.
Serve warm as a dipping sauce for satay, a glaze for chicken or turkey in the final minutes of cooking, or a dressing for salads and noodle bowls.