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Makarim & Taira S.

Maria H. Sagrado

Maria H. Sagrado



  • Banking and Finance
  • Capital Markets
  • Corporate and Commercial
  • Foreign Investment

WSG Practice Industries


WSG Leadership

WSG in Asia Group
WSG Main Group
Maria Sagrado is a leading practitioner and a highly skilled negotiator with extensive high-level experience in structuring foreign investment and financial transactions. She represents the interests of numerous foreign clients investing in Indonesia, including companies and investors from China, USA, UK, Singapore, and European Union across various sectors, including power plants, pharmaceuticals, distribution, port-related activities, mining, and fintech.

Combining her European and Indonesian exposure, Maria’s well-rounded experience in relevant corporate and commercial practices enable her to comprehensively advise and guide foreign clients entering into local investments or transactions in Indonesia, with due consideration of the various aspects involved.

Her ability to forge rapport between disparate parties and drive solutions is also showcased by her successful track record executing prominent finance transactions involving leading foreign banks, in particular banks from China, Germany, Malaysia and other European countries, as well as offshore export credit agencies in the financing of Indonesian borrowers including State Owned Enterprises (SOE), power plant, major mining related industries and manufacturing companies.

Maria is a pioneer and among the few Indonesian lawyers who are active in fintech transactions and the Fintech Association in Indonesia. She was involved in the drafting of the first Financial Services Authority (Otoritas Jasa Keuangan) regulation on Fintech, i.e. Peer-to Peer lending in Indonesia that was issued in late 2016. She also published an article that discusses the country’s central bank’s regulatory sandbox initiative for fintech players as published in IFLR1000’s Fintech Special Focus 2018.

Bar Admissions

Member, The Indonesian Advocates Association (PERADI)
Member, The Capital Markets Legal Consultants Association of Indonesia (HKHPM) since 2013
Member, FinTech Association since 2016


LL.M, International Commercial and European Law, University of Sheffield, Sheffield, United Kingdom, 2005
Mkn., Pelita Harapan University, Jakarta, Indonesia, 2015
S.H. (cum laude predicate), Airlangga University, Surabaya, Indonesia, 2000
Areas of Practice

Banking and Finance | Capital Markets | Corporate and Commercial | Foreign Investment | Media, IT and Telecommunications | Mergers and Acquisitions | Mining and Energy

Professional Career

Significant Accomplishments

The Legal 500 Asia-Pacific
Recommended Lawyer in Banking & Finance, Capital Markets, Corporate and M&A, IT and Telecoms as well as Projects and Energy (2021)


Investment in Indonesia, Beijing, China, 2016
Tips and Tricks for Investment in Indonesia, Shanghai, China on 24 June 2015.
Moderator at UbiFrance, Jakarta on Doing Business in Indonesia on 23 November 2014.
Speaker at Franchise and License Expo Indonesia 2014, Jakarta on Doing Business in Indonesia on 13 September 2014.
Speaker at WLG Group, Taiwan on Doing Business in Indonesia on 8 March 2014.
Speaker at the Airlangga University, Surabaya, on Understanding the Key features of the New Mining Law, on 25 November 2011.
Speaker at the IBC's 3rd Mining Investment Summit conference, Singapore, on Understanding features of the New Mining Law affecting Investment Strategies into Indonesia, on 27 July 2011.
Speaker at the 9th Annual Coal Markets, Singapore, on the Investment in Coal in Indonesia, on 21st- 23rd February 2011.
Panelist, 'Types of M&A in the Region', Asian Capital Markets Conference 2009, Kuala Lumpur, Malaysia by Pinnacle Group on 28th September 2009.
Speaker at 15th Annual Coaltrans Asia, Bali, Indonesia, on the Indonesian new mining law, on 31st May - 3rd June 2009.

Professional Activities and Experience

Internship with Linklaters Allen & Gledhill, Singapore office, 2005
Intern, Gani Djemat & Partners, Surabaya, 2000
Administration, PT. Serg's Product Indonesia, 1997-1999


New Regulation on Electronic System Organizers in the Private Sector
Makarim & Taira S., February 2021

The Minister of Communication and Informatics (“MOCI”) has finally issued MOCI Regulation No. 5 of 2020 on Electronic System Organizers (“ESO”) in the Private Sector (“MOCI Regulation 5/2020”) that serves as the new implementing regulation of Government Regulation No...

The New Indonesian Umbrella Regulation on Payment Systems: Key Points that Foreign Investors Should be Aware of
Makarim & Taira S., February 2021

On 30 December 2020, Bank Indonesia issued Bank Indonesia Regulation No. 22/23/PBI/2020 of 2020 on Payment Systems (“Payment Systems Regulation”). The Payment Systems Regulation is intended to serve as an “umbrella” regulation that provides a regulatory framework for the Indonesian payment systems industry. This regulation will come into force on 1 July 2021...

The Arrival of the Long Awaited KBLI Numbers in Fintech
Makarim & Taira S., December 2020

On 24 September 2020, Statistics Indonesia (Badan Pusat Statistik ─ “BPS”) issued BPS Regulation No. 2 of 2020 on Indonesian Standard Business Classifications (Klasifikasi Baku Lapangan Usaha Indonesia ─ “KBLI”), which is known as the 2020 KBLI. The 2020 KBLI came into force on its issuance date and revoked BPS Regulation No. 95 of 2015 on the KBLIs, as amended by BPS Regulation No. 19 of 2017, which is known as the 2017 KBLI...

Additional Articles

Author of IFLR Focus Report: Regulatory Sandbox, 2018
Author of IFLR: Investment in Indonesia,
Author of Indonesia’s National Payment Gateway: Impact on Operations of Licensed Principals, Financier Worldwide, 2018
UK Practical Law Thomson Reuters: Shareholders Agreement and Bye-Laws Questions: Indonesia, 2016
Financier Worldwide Magazine: Reporting by Indonesian companies of their Offshore Loan Facilities, 2014

WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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