The Form 8938 was introduced as part of the Foreign Account Tax Compliance Act, which is referred to as FATCA. And similar to FBAR, FATCA’s purpose is to target tax noncompliance by U.S. taxpayers with foreign accounts and assets. FATCA focuses on reporting by U.S. taxpayers about certain specific foreign financial assets, which includes foreign financial accounts and other offshore assets, for example stock that a U.S. Fintech owns in a foreign company.