Combine the flour, cornstarch, baking powder, baking soda & salt to a bowl. Set aside.
In a stand mixer fitted with a paddle attachment, add in the butter and sugar. Mix on medium for 3-5 minutes until smooth and creamy. Add in the vanilla and eggs, beating well after each addition.
Next, add in the peanut butter and mix until well combined. The batter will look curdled. Add in the buttermilk and flour mixture alternately. Scrape the sides of the bowl down to ensure no dry pockets of flour remain. Pour the batter into a prepared 8 inch square pan. Bake for 30-35 minutes. Or until the center is set. Allow to cool completely and frost with your malted chocolate frosting.
For the malted chocolate frosting
In a stand mixer fitted with a paddle attachment, add the butter and salt. mix until creamy. Next, add in the powdered sugar, cocoa powder, and malted milk powder, The mixture will be very thick. Lastly add vanilla and milk or cream 1 tbsp at a time until the frosting is creamy & smooth. Mix for another 2 minutes. The frosting should be light and fluffy. Set aside until you're ready to frost your cake.