Heat oil over medium high heat in a large saucepan or braiser. Add curry paste and sauté for 1 minute.
Add sliced chicken and cook just until chicken is no longer pink. Add ginger and garlic and sauté 30 seconds.
Add 1½ cans of coconut milk. Whisk cornstarch into remaining ½ can of coconut milk then add to skillet. Stir in brown sugar, fish sauce, lime juice, bay leaf, and thyme.
Simmer for 5 minutes then add red bell peppers and basil and simmer for 2-3 minutes or until peppers are crisp tender. Discard bay leaf.
Adjust to taste: Sweeten it up with additional brown sugar, add tang with additional lime juice, spice it up with additional Asian chili paste, add salt/more umami with additional fish sauce. You may also add additional curry paste for more overall flavor and heat.
Garnish with additional optional fresh basil, cilantro, and chili sauce to taste. Serve with rice.