Facebook may be attempting to take on Snapchat yet again according to The Financial Times. The app is said to be called 'Slingshot' and will enable users to send short video messages to each other. The app apparently won't be integrated with Facebook's other apps.
It's unsurprising that Facebook would try again after its failed Poke app and the rejected offer to acquire Snapchat. While the app is almost ready to go, it has not yet been approved, so when or if we'll see it is still very much a mystery.