Heat the oil in a stockpot and add the onion and cook until soft, about 5 minutes.
Add the chopped garlic, chopped celery, potatoes and stir to combine. Cook until potatoes start to soften.
Meanwhile, cut the kernels off the corn using a sharp knife and add the corn kernels to the pot along with the red bell peppers, green chiles, salt, pepper, bay leaf, and vegetable broth. Bring to a boil then reduce to a simmer for about 15 to 20 minutes. Add the coconut milk and stir to combine.
Transfer the soup to a blender and puree until smooth. An immersion blender can also be used, however I've found a high powered blender does a better job at making the soup extra creamy.
Serve with a dollop of coconut milk and reserved diced red peppers.