Heat the oil in a medium sauce pan, over medium heat. Add chicken and cook for 3 minutes or until golden brown. Turn over and cook for an additional 3 minutes, or until the second side is browned.
Remove chicken from sauce pan and set aside. Add onions, garlic and red pepper to pan. Cook, stirring occasionally for 6 minutes. Add the tomato paste and cumin and cook, stirring constantly for 2 minutes.
Return the chicken to the saucepan and stir in the coconut milk and chicken or vegetable broth. Bring to a boil, then reduce the heat to medium low. Cover and let simmer for about 20 minutes or until the chicken is tender. Add salt and pepper, to taste.