The prize was awarded to the winners on their submission of an innovative application named BillBox to the PayPal X / FNB Developer Challenge.
Billbox monitors receipts and payments for people who share bills. It effectively keeps track of shared expenses and requests payment from group members.
"Our App is designed for people who share expenses such as students, housemates or holiday and business travel groups. Individuals can also use the application to track their own spending habits," says Koekemoer.
Janse van Rensburg added, "Having shared bills with housemates for several years, we knew there was a need for a product like BillBox ¯ and we were our own best customers."
The competition and award is part of FNB's on-going commitment to driving innovation in the financial services sector.
"At FNB, we are passionate about innovation and are constantly seeking ways in which we can enhance not only our own products but also foster a new generation of innovators in South Africa, says Michael Jordaan, CEO of FNB.
"Through this competition, it was evident that we have the right skill, drive and potential to develop state of the art innovative ideas and products. The entries received from across South Africa were exemplary and demonstrated the high standards of our innovators," added Jordaan.
The PayPal X Developer Challenge is designed to highlight the demand for payment enabled platforms and reward innovative uses of PayPal's payments tools.
The winners will be flown by FNB to attend the PayPal X Innovate 2010. The conference will feature presentations from industry experts; new product announcements and sessions that will give developers the tools and support they need to create the future of payments.
"Our two winners are a true representation of the incredible entrepreneurial spirit and online expertise we have in South Africa. We are proud to have sent them to the PayPal Innovate conference, says Chris Savides, general manager, FNB Complementary Online Services.
"Koekemoer and Janse van Rensburg said they attended the Silicon Cape event in Cape Town when FNB CEO Michael Jordaan and PayPal's regional director of Israel and South Africa Oded Zehavi made an announcement about the competition.
"Three hundred and fifty seven hours later BillBox was born, just in time for the closing date of the PayPal X / FNB Developer Challenge," said Koekemoer.
