Place coconut milk, cream of coconut, key lime juice, serrano chile, ginger, and lime zest in a blender and blend until smooth; with the motor running, slowly add the oil and blend until emulified. Pour the mixture into a bowl and fold in the coconut and cilantro. Season with salt and pepper, to taste.
Heat grill to high. Skewer 1 piece of swordfish onto each skewer. Brush swordfish on both sides with oil and season with salt and pepper. Grill swordfish for 4 to 5 minutes on each side or until just cooked through. Spoon some of the sauce onto a platter and top with the skewers. Drizzle some more of the sauce lightly over the swordfish and garnish with coconut flakes and cilantro.